CFPB Releases Updated Examination Procedures
On May 5, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to its Mortgage Origination exam procedures.
The exam procedures were updated to provide financial institutions with guidance on complying with the Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosure rule. The rule, which goes into effect August 1, requires two new disclosures – the Loan Estimate Disclosure and Loan Closing Disclosure. The updated exam procedures spell out the steps CFPB examiners will follow in performing transaction testing.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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