Effective date for VA ARM rules amendment

The Department of Veterans Affairs has published a final rule [80 FR 48254] to amend its regulations (at 38 CFR 36) that govern adjustable rate mortgages made in conjunction with the Home Loan Guaranty program. These revisions align VA's disclosure and interest rate adjustment requirements with the implementing regulations of the Truth in Lending Act (TILA), as revised by the Consumer Financial Protection Bureau (CFPB) (at 12 CFR 1026.20(c) and (d). The VA amendments will become effective on September 11, 2015.