On April 30, 2015, the US Federal Financial Institutions Examination Council’s Task Force on Consumer Compliance issued interagency examination procedures for Regulation Z (Truth in Lending) and Regulation X (Real Estate Settlement Procedures Act). The procedures reflect recent amendments by the CFPB to Regulation Z and Regulation X that, among other things, revised and integrated the disclosures received in connection with certain closed-end mortgage loans. The guidance will become effective on August 1, 2015.
The Federal Reserve Board’s press release is available at: http://www.federalreserve.gov/bankinforeg/caletters/caltr1503.htm. A summary of the updates to the examination procedures is available at: http://www.federalreserve.gov/bankinforeg/caletters/ca1503a3.pdf.