CFPB Issues Truth in Lending Interim Rule
December 29, 2011
The Consumer Financial Protection Bureau has issued a final interim rule under
Regulation Z that creates new requirements under the Truth in Lending Act. While
the rule is the same as its predecessor under the Federal Reserve Board, which
previously had purview over Reg Z, all reference to the Fed has been stripped
and the CFPB has taken over as the governing body. "This interim final rule does
not impose any new substantive obligations on regulated entities," CFPB
officials said. Reg Z implements the Truth in Lending Act, which falls under
Dodd-Frank, currently overseen by the CFPB. The watchdog is working to
consolidate the Truth in Lending Act and RESPA mortgage disclosure documents in
order to create a form that consumers can better understand. It has issued
several new rounds of mortgage disclosure form drafts for consumer and industry
feedback as it hones in on the new disclosures.
External web links may expire.
Return to Headlines
Abstract News © Copyright 2008-2013 INFORMATION, INC.