Compliance Blog

Written by Michael Coleman, Regulatory Compliance Counsel

Yesterday, the Consumer Financial Protection Bureau (CFPB) released updated exam procedures for some of the recent mortgage rules issued by the CFPB. Specifically, the CFPB updated the exam procedures for the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). The updated TILA exam procedures incorporate the requirements of the recent mortgage rules on escrow accounts and loan originator compensation and qualification. The updated ECOA exam procedures incorporate the requirements of the Regulation B final rule on appraisals. 

What about the ability-to-repay and mortgage servicing final rules? The CFPB issued a press release on the updated exam procedures, indicating that "within the next several months, the CFPB will publish its first round of exam procedures for the Ability-to-Repay and mortgage servicing rules."

The updated exam procedures will eventually be incorporated into the CFPB's Supervision and Examination Manual, but for the time being you can find the TILA and ECOA exam procedures on the CFPB's website here. 

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Remittance Transfer Rule - Putting it All Together. The remittances rulemaking process has had numerous ups and downs and it can be very hard to just find and analyze the complete final rule. Well, the good folks at BankersOnline have compiled the regulatory text and commentary from the various final rules as they will eventually appear in the CFR on their "alphabet soup" page for Regulation E (scroll down to Subpart B for the remittance transfer sections). Here are the links to the individual sections of the remittance transfer rule as listed by BankersOnline:

12 CFR 1005.30 Remittance transfer definitions.

12 CFR 1005.31 Disclosures.

12 CFR 1005.32 Estimates.

12 CFR 1005.33 Procedures for resolving errors.

12 CFR 1005.34 Procedures for cancellation and refund of remittance transfers.

12 CFR 1005.35 Acts of agents.

12 CFR 1005.36 Transfers scheduled before the date of transfer.

Note that the official commentary associated with each individual section is listed directly below the regulatory text. Pretty neat. Keep in mind that these links are not to the Electronic Code of Federal Regulations, but still, hopefully this will help you avoid a couple compliance related headaches!