The Latest CFPB News
In response to the late 2000s recession and financial crisis, the President signed the Dodd-Frank Act in July 2010, establishing the Consumer Financial Protection Bureau (CFPB). As a result, the Department of Housing and Urban Development (HUD) no longer regulates the Real Estate Settlement Procedures Act (RESPA), and the Federal Reserve no longer regulates the Truth in Lending Act (TILA). The authority to regulate both now belongs to the CFPB. The Dodd-Frank Act requires the CFPB to reform the TILA and combine those disclosures with the RESPA requirements governing the Good Faith Estimate (GFE) and HUD-1 Settlement Statement. On Nov. 20, 2013, the CFPB issued its final rule on combined mortgage disclosures with an Aug. 1, 2015 effective date. Read more about this process and the current status below.