View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
CFPB | RIN: 3170-AA18 | Publication ID: Spring 2014 |
Title: TILA Mortgage Amendments (Regulation Z) | |
Abstract: On August 26, 2009, the Board of Governors of the Federal Reserve System (Board) proposed for comment proposals to amend Regulation Z (Truth in Lending) regarding disclosure requirements for closed-end loans secured by real property or a dwelling and open-end home equity lines of credit (HELOCs). On September 24, 2010, the Board proposed certain amendments to Regulation Z, and the staff commentary to the regulation, as part of a comprehensive review of TILA's rules for home-secured credit. The Board's proposal addressed: (a) Revising the rules for the consumer's right to rescind certain open-end and closed-end loans secured by the consumer's principal dwelling; (b) revising the rules for determining when a modification of an existing closed-end mortgage loan secured by real property or a dwelling is a new transaction requiring new disclosures; and (c) amending the disclosure rules for open- and closed-end reverse mortgages. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the rulemaking authority for TILA generally transferred from the Board to the CFPB on July 21, 2011. The CFPB is evaluating further action regarding the three pending proposals. Many of the disclosure aspects of these proposals have been superseded by the rulemaking integrating the mortgage disclosures required by TILA and the Real Estate Settlement Procedures Act (Section 1032(f) of the Dodd-Frank Act). | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Long-Term Actions |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 12 CFR 1026 | |
Legal Authority: 15 USC 1604 16 USC 1637 15 USC 1639 |
Legal Deadline:
None |
||||||||||||||||||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Related RINs: Related to 7100-AD33, Related to 7100-AD34, Related to 7100-AD52 | |
Agency Contact: Paul Mondor Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 Krista Ayoub Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700 |