CFPB Issues Truth in Lending Interim Rule

December 29, 2011
ReverseMortgageDaily 
consumer financial protection bureau news

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.
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