On December 16, 2022, the  Consumer Financial Protection Bureau (CFPB) announced the availability of an updated consumer publication, ‘‘What You Should Know about Home Equity Lines of Credit,’’ also known as the HELOC booklet, required by the Truth in Lending Act (TILA), as implemented by Regulation Z.

The CFPB is updating the HELOC booklet so that it aligns with the CFPB’s educational efforts, to be more concise, and to improve readability and usability.

  • New features include clear instructions on how consumers can use the pamphlet to explore their options, and a comparison table with examples of loans that utilize home equity and other sources of financing consumer might consider, including closed-end credit.
  • To encourage consumers to understand the terms of their HELOC and to shop for the most advantageous offer, the booklet expands the tables for consumers to compare three estimates.
  • The design of the HELOC booklet has a look and feel similar to ‘‘Your Home Loan Toolkit: A Step-By-Step Guide,’’ and the ‘‘Consumer Handbook on Adjustable-Rate Mortgages,’’ other consumer disclosures that the Bureau is responsible for producing.

The CFPB’s Notice of Availability does not include a date by which the revised booklet must be used. For similar releases in the past, the agency has required use as soon as possible, but allows creditors to use existing inventory before making the transition.

Downloadable versions of the booklet are available by clicking the links provided below:

HELOC Booklet (English)

HELOC Booklet (Spanish)