Recently the federal financial institution regulatory agencies released updated Regulation Z Examination procedures. The revised interagency examination procedures reflect amendments implementing revisions to the Truth in Lending Act under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that: (1) restrict mandatory arbitration agreements in mortgage loans; and (2) revise existing escrow requirements on first-lien higher-priced mortgage loans. These amendments are effective with respect to transactions for which the creditor receives an application on or after June 1, 2013.
A copy of the revised procedures are available here.
