FDIC Releases Additional Technical Assistance Video on CFPB Mortgage Rules
January 27, 2015
Greg Hernandez (202) 898-6993
The Federal Deposit Insurance Corporation (FDIC) today announced the release of the second in a series of three new technical assistance videos developed to assist bank employees in meeting regulatory requirements. These videos address compliance with certain mortgage rules issued by the Consumer Financial Protection Bureau (CFPB). The first video, released on November 19, 2014, covered the Ability to Repay and Qualified Mortgage Rule.
The second video, released today, covers the Loan Originator Compensation Rule, and the third video, expected to be released in February, will cover the Servicing Rule. The three technical assistance videos are intended for compliance officers and staff responsible for ensuring the bank's mortgage lending operations comply with CFPB rules. The second video can be accessed at https://www.fdic.gov/regulations/resources/director/technical/lo.html.
"Today's release of the second technical assistance video on the new mortgage rules represents FDIC's ongoing commitment to informing community banks about important regulatory issues and to help them manage regulatory changes in the consumer compliance area," said Mark Pearce, Director of the Division of Depositor and Consumer Protection.
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, 6,589 as of September 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-8-2015