The Consumer Financial Protection Bureau (CFPB) released an update to its mortgage rules Readiness Guide that includes the new TILA-RESPA Integrated Disclosure rule.
The bureau said in a release that the guide now contains changes to finals rules issues through Aug. 1, including both TILA and RESPA. It incorporates changes made to Regulation Z, the implementing regulation for TILA, and changes made to Regulation X, the implementing regulation for RESPA.
“This update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the mortgage rule changes,” the CFPB said in the release.
The move comes less than a month after CFPB Director Richard Cordray told the National Association of Federal Credit Unions that the bureau would publish a readiness guide “in the next few months” to give the industry a broad checklist of things to do to prepare for the TILA-RESPA changes.
It also comes less than a month after 16 industry associations wrote the CFPB asking for, among other things, more written guidance from the bureau on the TILA-RESPA changes between now and the Aug. 1, 2015 implementation date.
The updated mortgage rules Readiness Guide is available here.
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