Jane Pannier

Where Can I Go to Get Compliance Assistance With All of the New Mortgage Regulations?

The Consumer Finance Protection Bureau has created a separate web page on which it provides compliance guides, videos, and quick reference charts to assist financial institutions with the myriad of mortgage regulatory changes. Here is a link to the new web page: http://www.consumerfinance.gov/regulatory-implementation/ AffirmX customers receive Bench Reports that provide plain English interpretations of the [...]

By Jane Pannier|2013-06-19T22:33:15-04:00June 19th, 2013|Compliance Tips, FAQs|Comments Off

Does AffirmX Offer Compliance Services Through My Credit Union League?

AffirmX currently has strategic partnerships with the Mountain West Credit Union Association, covering the states of Colorado, Wyoming and Arizona, and the Maryland DC Credit Union Association. These two associations act as resellers of the AffirmX products in their respective states. Credit unions in these states can contact their league for information about the AffirmX [...]

By Jane Pannier|2013-06-19T22:31:32-04:00June 19th, 2013|FAQs|Comments Off

What compliance tools are available through my credit union league?

Most credit union leagues offer some form of compliance services to their member credit unions. However, depending on the league, the extent of those services could vary widely. The services could simply consist of a newsletter that includes a compliance update, alerts when regulations change, and/or educational seminars or webinars on compliance issues. All leagues [...]

By Jane Pannier|2013-06-11T16:48:07-04:00June 11th, 2013|Compliance Tips, FAQs|Comments Off

How are AffirmX's services different from those delivered by the League?

Those Leagues that have sufficient compliance staff to offer compliance audit services still use the “boots on the ground” approach. This approach involves one or more League staff members visiting your credit union on a periodic basis, usually once each year or every two years to conduct the audit or review. Depending on your proximity [...]

By Jane Pannier|2013-06-11T16:43:41-04:00June 11th, 2013|FAQs|Comments Off

Ability to Repay and Qualified Mortgage Standards, Part 2

“Qualified Mortgages”, Section 1026.43(e) Creditors are provided with a “safe harbor” from liability when they make loans that meet the definition of a “qualified mortgage”. A” qualified mortgage” is a mortgage other than a “higher priced mortgage” (subprime mortgage) as defined by Regulation Z that has been underwritten to meet the ability to repay requirements, [...]

By Jane Pannier|2013-06-06T16:55:22-04:00June 6th, 2013|Compliance Tips|Comments Off

Ability to Repay and Qualified Mortgage Standards, Part 1

Part 1 of a 2-part series. TRUTH IN LENDING ACT, REGULATION Z Effective January 10, 2014 The CFPB has issued a final rule to implement sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which requires creditors, like credit unions, to make a reasonable, good faith determination of [...]

By Jane Pannier|2013-06-06T16:51:02-04:00June 6th, 2013|Compliance Tips|Comments Off

Prohibitions on Mandatory Arbitration and Financing of Credit Insurance Premiums

Effective June 1, 2013 The Consumer Finance Protection Bureau (CFPB) recently issued a final rule designed to prevent mortgage lenders from steering consumers into higher cost and riskier mortgage loans. While most of the new rule does not take effect until January 2014, there are two sections embedded in the new rule that go into [...]

By Jane Pannier|2013-05-31T01:47:40-04:00May 31st, 2013|Compliance Tips|Comments Off

Escrow Requirements Under the Truth in Lending Act

Final Rule Effective June 1, 2013 The Consumer Financial Protection Agency (CFPB) has issued a final rule to implement provisions of the Dodd-Frank Act to strengthen the rules that require escrow accounts be established for certain mortgage transactions. This new final rule lengthens the period of time from one year to five years that escrow [...]

By Jane Pannier|2013-05-31T01:45:19-04:00May 31st, 2013|Compliance Tips|Comments Off

Operational Requirements of the Recent Amendments to COPPA

Notices Direct Notice to a Parent The FTC has reorganized and standardized the information for the direct notice requirement to identify the exact items of information that an operator must provide in each type of direct notice. In addition, each type of notice must provide a hyperlink to the operator’s online notice of information practices. [...]

By Jane Pannier|2013-05-24T18:58:26-04:00May 24th, 2013|Compliance Tips|Comments Off

Amendments to Children's Online Privacy Protection Rule (COPPA)

Amended Rule Effective Date: July 1, 2013 The Federal Trade Commission (FTC) has recently amended the Children’s Online Privacy Protection Rules (COPPA) in order to further control and monitor the collection of personal information from children and to create a safer and more secure online experience for them. Most of the revisions reflect evolving technology [...]

By Jane Pannier|2013-05-24T18:56:08-04:00May 24th, 2013|Compliance Tips|Comments Off

About Jane Pannier