Resources Available to Help Compliance with CFPB Rules 

Now that the effective dates for the CFPB mortgages rules have come and gone it is important to highlight some additional key resources MCUL & Affiliates has created for credit unions, as well as provide some insight into what the examiners have indicated they will be looking for when evaluating a credit union for compliance with the CFPB mortgage rules.

The NCUA issued its first letter this year (14-CU-01) addressing the CFPB’s ability-to-repay and qualified mortgage rule. Appropriately, it was a Supervisory Letter on the ability-to-repay and QM rule. The letter clarifies that NCUA examiners will take into consideration credit unions’ “good-faith efforts to comply” with the new rule effective Jan. 10. Therefore, credit unions that are not already compliant with the rule, should be actively working to be in compliance.

To also help credit unions make sense of the rules, MCUL has developed and published a series of FAQs. The most recent FAQ provides answers to common questions received on the Compliance Helpline relating to the ability-to-repay/QM rule.

To help assist credit unions with the CFPB mortgage rules the MCUL also developed a resource center or “one stop shop,” Mortgage Compliance Center.

This page provides a summary of MCUL and CFPB resources available to credit unions regarding the new mortgage rules. The resources include links to presentations and materials from the MCUL educational events, upcoming and existing webinar opportunities, CUBE TV videos and contact information from the MCUL Compliance Helpline. This page also provides a link to each mortgage rule. Each link will take the credit union to another page summarizing that particular rule and provides applicable resources to help your credit union understand the requirements of each specific rule.

If you have questions or need help walking through the resources provided please contact the Compliance Helpline at (800) 262-6285, ext: 193, or email compliancehelpline@mcul.org.