CFPB Publishes User Friendly Compliance Guides

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Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has just published three compliance guides to help both lenders and consumers understand some of the new rules issued by the agency. The publications, called Small Entity Compliance Guides cover the 2013 Home Ownership and Equity Protection Act (HOEPA) rules ; Regulation B implementing the Equal Credit Opportunity Act (ECOA) rule , and the Truth-in-Lending (TILA) appraisal rule covering High Priced Mortgage Loans. CFPB says its goal is to provide an overview of the rules in a plain language and FAQ format to make the content more accessible and consumable for a broad array of industry participants, especially smaller businesses with limited legal and compliance staff. Each guide does attempt to explain the rules and what is required of lenders...(read more)

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Source: http://www.mortgagenewsdaily.com/05032013_cfpb_regulations.asp

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