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Tuesday, September 9, 2014

CFPB Updates TILA-RESPA Small Entity Compliance, Form Guides

The Consumer Financial Protection Bureau yesterday updated its small entity compliance guide and new mortgage disclosure form guide for the merger of the Truth in Lending Act and the Real Estate Settlement Procedures Act. The rule, which takes effect August 1, 2015, merges the TILA and RESPA-mandated disclosures into two forms: the Loan Estimate and the Closing Disclosure.
The CFPB also issued a new sample disclosure timeline illustrating what actions would be expected of a creditor at different stages of the origination process.

Read the small entity compliance guide.
Read the guide to the forms.
View the disclosure timeline.
View CFPB resources on the TILA-RESPA integration.

The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and 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.

To learn more about the CFPB's regulation of insurance, attend the ABIA Annual Conference, September 28-30 in San Antonio, where we will host a panel discussion on the CFPB's recent actions and the business of insurance.