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"Finance Charge" Changes Under CFPB's RESPA/TILA Proposed Rule


As part of the Consumer Financial Protection Bureau’s (CFPB) 1099-page proposed RESPA/TILA rule, the CFPB is proposing some significant changes to Section 1026.4 of Regulation Z which defines the “finance charge.”  Importantly, these proposed changes will result in a more inclusive finance charge, which, absent further action by the CFPB, will increase the number of closed-end mortga

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CFPB Proposes New RESPA/TILA Rule and Disclosure


The Consumer Financial Protection Bureau (CFPB) on July 9, 2012 issued its much anticipated proposed rule and forms to combine certain disclosures required under the Real Estate Settlement Procedures Act (RESPA) with disclosures required under the Truth in Lending Act (TILA), as required by the Dodd-Frank Act.  The proposal also addresses new disclosure requirements required by the D

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RESPA/TILA Know Before You Owe Project - Update


On July 6, the Consumer Financial Protection Bureau (CFPB) posted another blog entry giving more details on the specifics behind the entire Know Before You Owe mortgage disclosure project.  The CFPB states that “Soon, [it] will submit a Notice of Proposed Rulemaking to the Federal Register to begin the public notice–and-comment process.”  Notably, the CFPB also indicates that wh

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