Today the Consumer Financial Protection Bureau (CFPB) published the first part of a series of articles leading up to the publication of the combined Truth in Lending/RESPA disclosures. The first article looks at the origins of the Know Before You Owe project for simplifying mortgage disclosures. Tomorrow, the CFPB looks back at how the project unfolded. And then very soon, the CFPB will explain the long-awaited new proposed rule to make mortgage disclosures more effective […]
Month: July 2012
STATUS OF OTHER PENDING RULES
We received a lot of positive feedback about yesterday’s blog entry on the status of changes to Regulation Z. Several of you inquired about the status of other pending rules, particularly those involving Regulations B and C. Well here you go… Regulation B – The Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to report information concerning credit applications made by women- or minority-owned businesses and small businesses. The amendments […]
REGULATION Z – THE END OF THE WORLD AS WE KNOW IT
Over the next six months Regulation Z will undergo the most extensive revisions in its 43 year history. The rules will primarily impact mortgage loan rules, for both open-end and closed-end credit. For mortgage loan disclosures, it will be the end of the world as we know it and the beginning of a brave new world of Regulation Z. Following is a summary of each piece of the revision process. Ability to Repay– A final […]