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CFPB to launch study on TILA-RESPA form design
WASHINGTON (4/12/11)--The U.S. Treasury Department is preparing to launch a study to see what direction its Consumer Financial Protection Bureau (CFPB) should take when it begins to design a combined form for Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures. The nascent CFPB is charged under the Dodd-Frank Wall Street Reform Act to integrate the various TILA and RESPA disclosures into a single document comprehensible by consumers. Last week the CFPB transition team published a notice in the Federal Register intended to get the go-ahead from the Office of Management and Budget to execute an information collection regarding the combined TILA-RESPA form. Based on that submission, CFPB is proposing “one-on-one cognitive interviews” with both consumers and lenders to “inform the design” of the new disclosures. The CFPB submission asks for expedited approval for the study, noting that Dodd-Frank requires a proposed rule be issued by July 21. The study needs to be initiated, therefore, by May, the request says. The Credit Union National Association (CUNA) obtained the full submission to OMB from the Treasury Department last week. CUNA Senior Assistant General Counsel Michael Edwards reviewed the submission and called it a positive step that CFPB is planning to gain the perspectives of all relevant stakeholders --lenders, brokers, as well as consumers.


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