Last month the CFPB held another in a series of webinars on the TILA-RESPA Integrated Disclosure Rule. You can view the video of this webinar – and the prior three webinars – here, which focused on questions related to completing the Closing Disclosure Form.
Last month’s session was the fourth in a series of webinars to address the new rule as industry participants work to implement it over the course of the next year. The CFPB plans to host these webinars periodically throughout implementation, regularly soliciting feedback and additional questions in the interim.
The Rule has revamped all federal requirements relating to residential mortgages. Effective August 2015, all banks will be required to update their systems and procedures to ensure compliance with the new Integrated Disclosure Rule.
The new mandates and additional disclosures pose difficult challenges for compliance professionals and system technicians. While the CFPB’s interpretive opinions are expected to add even more clarification in the months to come, banks will need to have a broad understanding of the new requirements and all of the accompanying changes to ensure compliance.
This webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The “Outlook Live” Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.
You can follow the Consumer Financial Services Law Monitor for updates on this and other news related to the CFPB and mortgage lenders and servicers.