Consumer Bankers Association's CFPB Meeting
Benjamin Olson spoke at the Consumer Bankers Association's CFPB Meeting on September 30, 2014 in Washington, DC. Their panel was titled "TILA/RESPA Disclosure Rule Implementation and What It Means for You."
The CFPB’s latest mortgage rule combining the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures presents numerous new compliance challenges for the industry. In addition, the rule dramatically increases the liability associated with existing requirements. Most significantly, the RESPA tolerance requirements, which have caused numerous compliance issues since their adoption in 2010, and will be subject to a private right of action under TILA. This panel discussed the key issues facing mortgage lenders and what steps they can take now to minimize their exposure in previous originations and once the rule takes effect in August 2015.