WASHINGTON (10/9/14)--An updated readiness guide to the Consumer Financial Protection Bureau's (CFPB) Truth in Lending Act-Real Estate Settlement and Procedures Act (TILA-RESPA) integrated disclosures rule has been released.
The bureau's updated guide is meant to offer financial institutions guidance on how to evaluate readiness for compliance with the changes, which will take effect Aug. 1, 2015.
The update contains all changes to final rules issued through Aug. 1 of this year, but it not a substitute for the rules, the bureau states. Only the rules and their official interpretations can provide the "complete and definitive" information about the requirements, it noted.
The revision contains the final rules issued in 2013 and 2014 in accordance with the Dodd-Frank Act. The rules amend several Regulations Z (which implements TILA), X (which implements RESPA) and B (which implements the Equal Credit Opportunity Act).
The guide also contains a readiness questionnaire, meant to be used as a self-assessment in determining progress of implementation, as well as a frequently asked questions document.
The CFPB issued an additional small entity compliance guide last month (News Now Sept. 9).
Use the resource links below to access the guide and additional TILA-RESPA information.