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This effort will "support rule implementation and ensure the industry is ready to comply with the new borrower protections," the agency stated in a message to financial institutions.
Click here to view the CFPB's Regulatory Implementation Page.
The new page is "the central access point for our mortgage-related implementation materials," the agency said, including:
"Our goal with this page is to provide access to our mortgage-related implementation resources though a single web page that makes the rule content more accessible for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff," the bureau stated.
Although these implementation materials give an overview of the rules, they are not substitutes for the underlying rules.
MLA DATABASE FEB. 15 DEADLINE
updated 02/09/16 08:00 AM
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Credit unions seeking a safe harbor under the Department of Defense’s (DoD) Military Lending Act (MLA) final rule will have two new options come Oct. 3, 2016: 1) A credit union may verify a borrower’s status on the DoD’s database, or 2) a credit union may use a consumer report obtained from a nationwide consumer reporting agency to determine whether a borrower is a “covered borrower.” Credit unions interested in utilizing the first option have until Feb. 15, 2016 to notify the Defense Manpower Data Center (DMDC) of their intent. This may be done by emailing the MLA helpdesk at firstname.lastname@example.org.
CA PRIVACY NOTICES STILL REQUIRED
updated 02/02/16 08:35 AM
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The FAST Act made changes to federal annual privacy notice requirements. However, it did not change California privacy notification requirements, which are applicable to all financial institutions doing business in California. California state annual privacy notifications are still required, depending on what information is shared and with whom.