The Bureau recently launched Know Before You Owe, an effort to combine two federally required mortgage disclosures into a single, simpler form that makes the costs and risks of the loan clear and allows consumers to comparison shop. Also, the organization has been reviewing several areas of the consumer market and collaborating with banks and other representatives.
In addition, CFPB is asking the public to provide specific suggestions on streamlining regulations. To voice your opinion, visit http://www.consumerfinance.gov/notice-and-comment/#open. You can also view others’ comments on closed discussions at http://www.consumerfinance.gov/notice-and-comment/#closed.
Although no changes have been set in stone, it is likely that the Bureau’s changes will have significant impacts on training. As the CFPB works to improve current regulations, financial institutions will need to train employees on the updated standards. For instance, if ‘Know Before You Owe’ is successful, personnel will need to be retrained on the updated mortgage disclosures. In addition, CFPB will most likely create new rules and regulations that require new training programs.
The Consumer Financial Protection Bureau was established last year by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. To learn more about the Consumer Financial Protection Bureau, visit www.consumerfinance.gov.
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