The Consumer Financial Protection Bureau (CFPB) announced the launch of the Truth in Lending Act (TILA) in a new electronic format. The eRegulations tool is meant to present the regulation in a clear, readable form that is easy to navigate. The agency is also looking for feedback about the tool and its usefulness.
The CFPB launched its eRegulations tool last year, seeking to provide regulations in a format that’s easier to find and understand. The hope was that the tool would lead to better compliance.
“Now, as part of the eRegulations tool, we’re launching an intuitive, easier-to-navigate electronic format of Regulation Z, which implements the Truth in Lending Act. Regulation Z is the flagship federal regulation protecting consumers when it comes to credit products. Regulation Z can be complex to understand for people who have not specialized in it,” the agency said in a blog post. “And it has changed a lot recently with the addition of new rights and disclosures for mortgages.”
The new TILA tool can be found here.
The bureau has two regulations available on the eRegulations page: Regulation E (Electronic Fund Transfers and Regulation Z.
“By adding Regulation Z, one of the most complex and heavily-consulted consumer financial regulations, we can help mortgage stakeholders better understand and comply with the recent amendments implementing the Ability to Repay rules, the new federal mortgage integrated disclosures and other changes,” the bureau wrote.
The Regulation Z page allows readers to view a table of contents for the regulation and view each section individually, along with a section-by-section analysis. There is also a regulation timeline that illustrates how the rule has changed over time. The page offers a search feature, where the viewer can search the current and past versions of the statute. There is also a notice on the website that the eRegulations tool is a compilation of material and not an official legal edition of the Code of Federal Regulations or the Federal Register. The notice suggests that if you are relying on the material for legal research, you should consult the official editions of the regulations.
The CFPB is also looking for feedback on the tool and its usefulness. Click here to tell the bureau what you think.
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