If you haven’t heard, the new Consumer Financial Protection Bureau (CFPB) is rewriting the rules on RESPA. Their first step is to create a new Preliminary Truth in Lending disclosure AND Good Faith Estimate -all in one. I believe this is good news as the two current disclosures provide conflicting information often with the same terminology. The CFPB launched a new website called “Know Before you Owe“. You can sign up for their blog and provide comments about your opinion on the disclosure drafts.
Last week, the CFPB provided two draft disclosures and are seeking comments on these new forms. I encourage everyone to review these forms and give your feedback – even if it’s one simple thing. The more comments we can send, the more likely the Bureau will listen and create a form that is lender and consumer friendly (please stop laughing).
You can also sign up at the CFPB do receive updates as they are released. The CFPB has a blog that you might find of interest. This way we can stay tuned and provide feedback, as necessary.
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.