CFPB Updates HELOC Brochure

The CFPB has updated its HELOC Brochure, What You Should Know About Home Equity Lines of Credit. You can download and/or order the HELOC brochure here by scrolling down to the bottom of the page (under Compliance resources and certain required disclosures).

The updates aim to make the brochure …more concise, and to improve readability and usability. New features were added to improve consumers’ understanding and to help explore and compare different plan options.

 

As a reminder, this brochure, as well as your application, or program, the disclosure needs to be given at the time any HELOC application form is provided to a consumer. The brochure and disclosure should be given at the time of any in-person application. For phone applications, both the brochure and disclosure must be mailed within three business days.

 

We recommend transitioning to the new form as soon as practical.

Consulting Resources!

Published
2022/12/22
Diane Dean

Diane Dean

Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients. Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!

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