CFPB Issues Truth in Lending Interim Rule

The Consumer Financial Protection Bureau has issued a final interim rule under Regulation Z that sets new Truth in Lending Act regulations. While the rule is the same as the previous rule under the Federal Reserve Board, which previously held authority for Reg Z, all reference to the Fed has been removed, and the CFPB has been replaced as the governing body.

“This interim final rule does not impose any new substantive obligations on regulated entities,” CFPB officials said.

Reg Z implements the Truth in Lending Act, which falls under Dodd-Frank, currently governed by the CFPB. The agency took over enforcement of RESPA earlier this year, and in doing so, hired a Department of Housing and Urban Development official who was formerly HUD’s director of mortgage settlement to oversee RESPA.


The CFPB is currently working to consolidate the Truth in Lending Act (TILA) and RESPA mortgage disclosure documents to create a form that consumers can better understand. The bureau has released several rounds of new mortgage disclosure form drafts for consumer and industry feedback as it hones in on the new disclosures.

View the TILA interim rule.

Written by Elizabeth Ecker

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