The Consumer Financial Protection Bureau recently launched a new site providing lenders with an electronic version of Truth in Lending Act regulations, part of the bureau’s ongoing effort to improve the mortgage lending disclosures process.
One of the CFPB’s first initiatives was to consolidate the TILA and RESPA forms, and it recently issued the TILA-RESPA compliance guide targeted at making the compliance process easier for smaller lenders and mortgage companies. The latest leg in that effort is the introduction of eRegulations, touted as an “easy to navigate” electronic version of the Truth in Lending Act regulations.
“eRegulations makes regulations easy to read and navigate,” says the CFPB of its new effort. “It clarifies regulations by bringing related information and regulatory history to the forefront.”
The initiative is a “work in progress,” the CFPB notes, illustrating what it has accomplished so far with a series of screen shots of eRegulations features.
Site features include a table of contents for easy access to sections of the TILA regulation, organized by subpart and section. There’s also a search function allowing users to find where specified text appears in a regulation, and users can search past and future revisions of a regulation.
eRegulations will also provide access to in-depth analysis of changes to the regulation, helping users understand the reasoning behind those changes, says the CFPB.
A regulation timeline will show recent regulatory revisions, organized by latest effective date. Users can also compare any two revisions of the regulation, word for word, by selecting a date in the available menu.
Written by Alyssa Gerace