updated 08/13/13 11:03 AM
CFPB ISSUES EXAM PROCEDURE UPDATES
Mortgage Regulatory Guidance
The Consumer Financial Protection Bureau (CFPB) released updates to its exam procedures in connection with new mortgage regulations issued in January 2013.
These updates offer financial institutions and other industry participants valuable guidance on how the bureau will conduct examinations for compliance with the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA).
The updates incorporate the first set of interim TILA exam procedures from June. The CFPB Examination Manual now contains updated interim exam procedures for RESPA, covering final rules issued by the CFPB through July 10, 2013; updated interim exam procedures for TILA, covering final rules issued by the CFPB through May 29, 2013; and the previously issued interim exam procedures for the Equal Credit Opportunity Act (ECOA), covering final rules issued by the CFPB through January 18, 2013.
For more information, click here to read the CFPB's news release.
    © 2014 California Credit Union League