Wednesday, September 17, 2014

CFPB Needs to Provide Written Guidance on TILA-RESPA Merger

Sixteen trade groups on September 16 asked the Consumer Financial Protection Bureau (CFPB) for additional written guidance to help the industry implement the merger of the Truth in Lending Act and Real Estate Settlement Procedures Act disclosures, which takes effect Aug. 1, 2015.

Specifically, the groups sought clear written guidance addressing the industry’s implementation questions. “We appreciate the bureau offering oral guidance through webinars, and other channels,” they said. But “uniform written guidance developed with stakeholders’ input that can be relied upon will further fair competition and minimize the possibility of undue liability increasing costs. Most importantly, it will ensure that consumers will not be harmed by unnecessary confusion.”

The groups also encouraged the CFPB to continue working with industry vendors, provide additional example forms and resolve inconsistencies with state laws on mortgage disclosures.

Read the letter.
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