October 20, 2014

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October 17, 2014

Consumer Financial Protection Bureau (CFPB) Releases Exam Procedure Updates For Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA)

On August 15 the Consumer Financial Protection Bureau released updates to its examination procedures in connection with the new mortgage regulations that were issued in January. These updates offer valuable guidance on how the CFPB will conduct examinations for compliance with the Truth in Lending Act and the Real Estate Settlement Procedures Act.

The updates incorporate the first set of interim TILA exam procedures from June. The CFPB Examination manual now contains updated interim exam procedures for RESPA, covering final rules issued by the CFPB through July 10, procedures for TILA, covering final rules issued by the CFPB through May 29, and the previously released interim exam procedures for the Equal Credit Opportunity Act, covering final rules issued by the CFPB through January 18.

A copy of the RESPA exam procedures released on August 15 can be found at:http://files.consumerfinance.gov/f/201308_cfpb_respa_narrative-exam-procedures.pdf

A copy of the TILA exam procedures released on August 15 can be found at: http://files.consumerfinance.gov/f/201308_cfpb_tila-narrative-exam-procedures.pdf

Copyright © 2014, Sheppard Mullin Richter & Hampton LLP.

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Robert S. Beall, Sheppard Mullin Law Firm, Litigation Attorney
Partner

Mr. Beall is a partner in the Firm's Orange County office. He currently serves as a member of the Firm's Executive Committee and as the Firm's Managing Partner. Mr. Beall previously served as Practice Group Leader for the Firm's Business Trials Practice Group.

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Roy Goldberg, Litigation Attorney, Sheppard Mullin Law firm
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Mr. Goldberg is a partner in the Business Trial Practice Group in the firm’s Washington, D.C. office and is the head of the firm's aviation industry team.

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Fred R. Puglisi, Sheppard Mullin Law Firm, Trial Attorney
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Fred Puglisi is a partner in the Century City office and co-chair of the Business Trial Practice Group. He was recognized as a California Lawyer of the Year in 2003 for his successful defense and trial of a $2 billion class action.

310-228-3733
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Bob Stumpf is a partner in the firm's San Francisco office and serves as leader of the firm's Financial Institutions Litigation team.
 

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