Compliance Question of the Week

The new HOEPA rule requires that we provide consumers with a list of homeownership counseling organizations. Where can the credit union pull this list from?

The credit union can obtain the list in two ways.

First, the credit union can use the CFPB’s newly created Web tool, which allows you to generate a list simply by typing in the Zip code of the applicant.

Second, if you choose not to use the CFPB’s list, the credit union can create its own list by using data made available by HUD. The CFPB has released guidance on how credit unions can create their own list.

Related Links:

Find a Housing Counselor
CFPB Guidance for Housing Counselor Lists

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.