CFPB finalizes TRID effective date

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Michael ChristiansToday the Consumer Financial Protection Bureau (“CFPB”) issued a final rule delaying the effective date of the Integrated Disclosure Rule (“TRID”) to Saturday, October 3, 2015. A copy of the CFPB’s 40-page rule can be found here.In addition to delaying the effective date, the final rule makes clear that the CFPB will not be instituting a formal grace period or allowing for a dual compliance period. Without a formal grace period your credit union remains subject to both compliance and legal risk for non-compliance after October 3rd. However, the final rule reiterates comments made by Director Cordray to members of Congress in his letter of June 3rd: “Our oversight of the implementation of the Rule will be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the Rule on time.” In addition, since the CFPB is not allowing for a dual compliance period, your credit union may only use the new Loan Estimate and Closing Disclosure on applications received on or after October 3rd. For applications received prior to the effective date continue to use the Preliminary Truth-in-Lending Disclosure and Good Faith Estimate as applicable. Then as those transactions are consummated (likely after the effective date), use the Final Truth-in-Lending Disclosure and HUD-1 Settlement Statement at closing. continue reading »last_img read more

Wenger never lost faith in Ozil

first_img The ex-Real Madrid ace was heavily criticised after Arsenal’s 2-0 Champions League defeat at Borussia Dortmund on Tuesday. But Gunners boss Wenger wanted to show faith in his £42.5m record buy and did not consider benching him. “Not really no,” he said. “I have many offensive players and you look to find the right balance. I gave (Alexis) Sanchez a rest because he’s played many games and we have many experienced players who are top quality. “You have to show him the confidence is there and he showed he can respond when he was under scrutiny. “It’s always a sensitive point, you don’t know how people respond to that.” Welbeck also opened his account for the season to leave Wenger delighted. “It was a similar goal to the one he scored in Switzerland (for England), it comes from the left and he pushed it in because the timing of his run was good,” he said. “He had a very good performance, kept the ball well and had a good all-round game.” Arsene Wenger insisted he never thought of resting Mesut Ozil after the German inspired Arsenal to victory at Aston Villa. Press Association The World Cup winner scored his first goal of the season at Villa Park to spark a blitz which saw the Gunners net three times in just over three first-half minutes to seal a 3-0 victory. Ozil set up Danny Welbeck for his first goal since his £16million move from Manchester United before Aly Cissokho’s own goal sealed the win after just 36 minutes. Villa were ravaged by a stomach bug which ruled out Darren Bent, Nathan Baker and Ashley Westwood. Midfielder Westwood withdrew in the warm-up and Andreas Weimann was sick and substituted at half-time while Brad Guzan and Fabian Delph were also ill despite playing. “We had so much bad luck this week,” said boss Paul Lambert. “Before the game we lost Darren, Nathan and Westy and then Andi at half time. Fabian had a bug and Guzan too. “I knew we weren’t best prepared because of the virus going around. A lot of the staff are not feeling good. “It’s a tough game for us when everyone is 100 per cent fit but the lads were running on empty.” Ciaran Clark and Delph had both gone close during a fast start for Villa, who would have gone top of the Barclays Premier League with a win. “If we had scored at the start it might have given us something to hang on to. The start we’ve had is great and there are a lot of positives at the moment,” Lambert added, after their first league defeat of the season. “We have 10 points from five games which is a good return.” last_img read more