Consumer Compliance Outlook
FAQs on the TILA-RESPA Integrated Disclosures, Part 2 — Various Topics
Outlook Live Webinar
Tuesday, August 26, 2014
|Times:||11:00 a.m.–12:00 noon Pacific|
|12:00 noon–1:00 p.m. Mountain|
|1:00 p.m.–2:00 p.m. Central|
|2:00 p.m.–3:00 p.m. Eastern|
Please join us for the second in a series of discussions on the TILA-RESPA Integrated Disclosures rule. The new rule consolidates existing mortgage disclosures required under TILA and RESPA into two integrated forms designed to make it easier for consumers to understand and locate key information, and also integrates the substantive and procedural requirements for providing these disclosures to consumers. The Consumer Financial Protection Bureau (CFPB) plans to host these webinars periodically throughout implementation, regularly soliciting feedback and additional questions in the interim.
The first session was presented by the CFPB on June 17 and provided an overview of the final rule and the new disclosures. You can access a recording of that webinar at https://center.stlouisfed.org/courses/outlook-live/Outlook_Live_6_17_14/Outlook_Live_6_17_14.htm.
The session on August 26 addressed specific questions related to rule interpretation and implementation challenges that have been raised to the Bureau by creditors, mortgage brokers, settlement agents, software developers, and other stakeholders. In particular, the session covered the following topics:
- Application (continued from the session on June 17)
- Record Retention
- Timing for Delivery
- Basic Form Contents
The CFPB anticipates a substantial volume of compliance and interpretive questions during implementation. It plans to use these webinars to consolidate and address these questions in a way that promotes consistent understanding of the rules and provides a resource that stakeholders may reference. The CFPB believes this approach will be more efficient and beneficial to stakeholders than relying on private, one-to-one conversations with CFPB staff or waiting for updates to the rule or its commentary.
Additional information and resources related to the TILA-RESPA Integrated Disclosure rule may be accessed at the CFPB's website at http://www.consumerfinance.gov/regulatory-implementation/tila-respa/.
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 Consumer Compliance Outlook quarterly newsletter.