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Thursday, December 5, 2013

What does the CFPB's final rule on disclosures mean for insurance and debt protection products?

By: ABIA Outside Counsel Chrys Lemon and Chris Datskos, McIntyre & Lemon, PLLC

The Consumer Financial Protection Bureau (CFPB) has released its final rule on Integrated Mortgage Disclosures, which combines, and aims to simplify, the disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The final rule, which becomes effective August 1, 2015, requires lenders to provide borrowers with two new disclosure forms (the Loan Estimate and the Closing Disclosure) in connection with most closed-end consumer credit transactions secured by real property.

Click here for a members-only review of the Integrated Mortgage Disclosures final rule and to learn about the new required disclosure forms. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

If you would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.