CFPB Updates Exam Procedures for New Disclosure Rules

April 2, 2015

The Consumer Financial Protection bureau on April 1 released updates to the exam procedures for the new mortgage disclosure rules issued in November 2013. The bureau said the updates offer guidance on how the CFPB will conduct examinations for compliance with the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). 

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council developed these updated examination procedures for TILA and RESPA to incorporate changes made to Regulation X and Regulation Z.  

The CFPB’s regulations for the integrated mortgage disclosures go into effect Aug. 1. The new disclosures are required for most closed-end consumer mortgage loans. 

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