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CFPB

RIN: 3170-AA19

Publication ID: Spring 2013

Title: Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)
Abstract: Sections 1032(f), 1098, and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the CFPB to issue proposed rules and forms that combine certain disclosures that consumers receive in connection with a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Consistent with this requirement, the CFPB has proposed to amend Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing disclosure requirements and implementing new requirements in the Dodd-Frank Act, the CFPB's proposed rule provides extensive guidance regarding compliance with those requirements. The proposal had two comment periods. Comments on the proposed revisions to the definition of the finance charge and the proposed compliance date for the new Dodd-Frank Act disclosures were due September 7, 2012. Comments on all other aspects of the proposal were due November 6, 2012. On September 6, 2012, the CFPB issued a notice extending the comment period to November 6, 2012, for the proposed revisions to the definition of the finance charge. The CFPB is working to issue a final rule. The CFPB issued the final rule to implement the compliance dates for the new Dodd-Frank Act disclosures that were proposed in this proposal in a separate rulemaking, as noted elsewhere in this regulatory agenda (see RIN 3170-AA32).
Agency: Consumer Financial Protection Bureau(CFPB)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 12 CFR 1024 12 CFR 1026
Legal Authority: 12 USC 2617 12 USC 3806 15 USC 1604 15 USC 1637(c)(5) 15 USC 1639(l) 12 USC 5532

Legal Deadline:

Action	Source	Description	Date
NPRM	Statutory		07/21/2012

Timetable:

Action	Date	FR Cite
NPRM	08/23/2012	77 FR 51116
NPRM Comment Period Extended	09/06/2012	77 FR 54843
NPRM Comment Period End	11/06/2012
Final Rule	10/00/2013

Regulatory Flexibility Analysis Required: Yes	Government Levels Affected: None
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: Yes
Related RINs: Related to 7100-AD33, Related to 7100-AD52
Agency Contact: Richard Horn Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700