From the Archives: September 2013

CFPB Issues Exam Procedures for Mortgage Rules 

On Aug. 15, the CFPB released its second update to exam procedures in connection with the new mortgage regulations issued in January. The examination manual contains updated interim procedures for the Real Estate Settlement Procedures Act, covering final issues published by the CFPB through July 10, and for the Truth in Lending Act, covering issues published by the CFPB through May 29. The exam procedures are intended for use by CFPB examiners in examining the mortgage companies and other financial institutions subject to the new regulations. Although the CFPB only supervises financial institutions with assets above $10 billion, credit unions are still required to comply with the CFPB’s regulations.

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