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CFPB | RIN: 3170-AA12 | Publication ID: 2012 |
Title: High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act & Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act | |
Abstract: The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Truth in Lending Act (TILA) by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act of 1994 (HOEPA), by revising and expanding the triggers for coverage under HOEPA, and by imposing additional restrictions on HOEPA mortgage loans, including a pre-loan counseling requirement. The Dodd-Frank Act also amended TILA and the Real Estate Settlement Procedures Act (RESPA) by imposing certain other requirements related to homeownership counseling. The CFPB has proposed to amend Regulation Z (Truth in Lending) and Regulation X (Real Estate Settlement Procedures Act) to implement the Dodd-Frank Act's amendments to TILA and RESPA. The comment period for the proposed rule originally ended on September 7, 2012, except that the comment period for the portion of the proposal relating to proposed information collections under the Paperwork Reduction Act closed on October 15, 2012. On September 6, 2012 the CFPB issued a notice extending the comment period to November 6, 2012 for certain specific aspects of the proposal. The CFPB is working to issue a final rule. | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1026 12 CFR 1024 | |
Legal Authority: 15 USC 1602 15 USC 1639 12 USC 2604 |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Laura Stack Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700 |