WASHINGTON (5/3/13)--The Consumer Financial Protection Bureau on Thursday released plain-English compliance guides detailing recent changes to three rules: the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act, and sections of the Truth in Lending Act that impact higher-priced mortgage loan appraisals.
The new documents are part of a series of guides and other informational materials the CFPB plans to provide over the next few months on its new mortgage regulations.
The bureau has said the goal of the guidance series is to provide a comprehensive rule summary in a plain language and frequently-asked question format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.
The guides give an overview of the rules, but are not substitutes for the underlying rules, the CFPB emphasized. The Credit Union National Association is reviewing the guidance and will be following up with the CFPB on any issues of concern.
Use the resource link below to access the guides.
Similar plain-English guides on ability-to-repay and qualified mortgage rules, and escrow regulations, were released last month.