Credit unions that offer mortgages have until next Monday to offer comments on the latest draft version of the new form that combines the disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act.

The Consumer Financial Protection Bureau is combining the forms as required by the financial overhaul bill passed by Congress last year (which is also created the CFPB). The bureau has said one of its goals is to simplify the disclosure process so that consumers can better understand what they will owe before they take out a mortgage. The program is called "Know before You Owe." For more information, and to see the draft forms, go to: http://www.consumerfinance.gov/knowbeforeyouowe/

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.