CFPB Issues 2017 TILA-RESPA Final Rule and Executive Summary

7/25/17

The Consumer Financial Protection Bureau (CFPB) has issued a final rule (2017 TILA-RESPA Rule) amending and clarifying certain mortgage disclosure provisions implemented in Regulation Z. To support implementation of the 2017 TILA-RESPA Rule, the Bureau has issued an Executive Summary.

The CFPB has also issued a notice of proposed rulemaking regarding when a creditor may use a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith and within tolerance. The 2017 TILA-RESPA Rule does not make changes or clarifications related to this issue. Comments on the proposal are due 60 days after it is published in the Federal Register.

  • You can access the 2017 TILA-RESPA Final Rule on the Bureau’s website.
  • You can access the proposal on the Bureau’s website.
  • You can access the Executive Summary here.

Question of the Week

How long do I have to close an account after a member has passed away?

A credit union cannot report the funds under the deceased member’s SSN beginning the reporting period the calendar year after the member dies. For example, if your member passed away during 2015, you cannot continue to report the funds under the deceased SSN beginning on Jan. 1, 2017. If you are unable to determine who the funds belong to, you can continue to report under the dead member’s SSN until the account has reached dormancy.

Related Links:

IRS Publication 356

RCW 63.29.060

ORS 98.308

IDS 14-506

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA announced that its June 2017 board meeting video is now available.

The NCUA Board announced its proposal to close the stabilization fund as well as providing a distribution to credit unions in 2018.

The NCUA announced plans to restructure in an effort to improve efficiency and meet future challenges. The plan would include consolidating the five regional offices by closing the Albany, NY and Atlanta, GA offices, restructuring the Office of Examination, realigning the Asset Management and Assistance Center, and creating an Office of Credit Union Resources and Expansion.

The NCUA announced that it will host a webinar on August 9, 2017 regarding the stabilization fund closure plan. Credit unions can register for the webinar here.

Consumer Financial Protection Bureau (CFPB)

The CFPB announced the release of its Spring 2017 Rulemaking Agenda. The agenda includes updates to items in the prerule, proposed rule, and final rule stages, including mortgage rules, fair lending to small businesses, arbitration, payday lending, and debt collection.

Federal Reserve Board (FRB)

The FRB issued a report detailing its Faster Payments Task Force, which works to identify alternative approaches to faster payment capabilities in the United States.

The FRB released its annual report, Preserving Minority Depository Institutions, to Congress.

The FRB issued its Report to Congress on Government-Administered, General-Use Prepaid Cards. This report details the use of general-use prepaid cards in federal, state, and local government-administered payment programs and on the interchange fees and cardholder fees charged in relation to the use of the cards.

The FRB updated its Commercial Bank Examination Manual.

Department of Education (DOE)

The DOE published information in the Federal Register regarding the final format and summary of responses to request for information regarding disclosures for student financial accounts.

Internal Revenue Service (IRS)

The IRS announced a final regulation that changes the due dates for certain tax forms.  Forms W-2, W-3, and 1099-MISC will now be due to the IRS on January 31st.

Federal Financial Institutions Examination Council (FFIEC)

The FFIEC announced the release of its updated CRA/HMDA Software Downloads.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of July 21, 2017. The last update prior to this was July 18, 2017.

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

Posted in Compliance News, Compliance News, Federal.