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