From the Archives: July 2013

ECOA Examination and TILA Examination Procedures Issued 

On June 4, the CFPB issued examination procedures for two of the new mortgage rules; the Equal Credit Opportunity Act (Regulation B) and the Truth in Lending Act (Regulation Z). The updated TILA exam procedures incorporate the requirements for escrow accounts and loan originator compensation and qualification. The updated ECOA exam procedures incorporate the requirements of the Regulation B final rule on appraisals. The CFPB indicates in its press release that it will publish the first round of exam procedures for the Ability-to-Repay and mortgage servicing rules. The bureau also indicates once these exam procedures and others have been updated with the new mortgage rule requirements, the CFPB will incorporate all amended sections, including TILA and ECOA sections, into its general supervision and examination manual.

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