FDIC Releases Technical Assistance Video on CFPB Mortgage Rules
November 19, 2014
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The Federal Deposit Insurance Corporation (FDIC) today announced the release of the first in a series of three new technical assistance videos developed to assist bank employees in meeting regulatory requirements. These new videos will address compliance with certain mortgage rules issued by the Consumer Financial Protection Bureau (CFPB).
The first video, released today, covers the Ability to Repay and Qualified Mortgage Rule. This video is intended for compliance officers and staff involved in ensuring the bank's mortgage lending operations comply with CFPB rules.
"The release of this video is part of the FDIC's ongoing efforts to inform supervised institutions about important regulatory issues," said Mark Pearce, Director of the Division of Depositor and Consumer Protection. "The FDIC is committed to providing technical assistance to help community banks comply with recent regulatory changes."
Two additional videos in this series will be released in the upcoming months. They will focus on the rules concerning mortgage servicing and loan originator compensation.
The FDIC's technical assistance videos and additional information can be accessed at https://fdic.gov/regulations/resources/director/video.html.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 6,656 as of June 30, 2014. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-100-2014