On Thursday, Aug. 15, the CFPB released its second update to exam procedures in connection with the new mortgage regulations issued in January 2013. The examination manual now contains updated interim procedures for Real Estate Settlement Procedures Act, covering final issues published by the CFPB through July 10, 2013, and for Truth in Lending Act (TILA), covering issues published by the CFPB through May 29, 2013. These exam procedures are intended for use by CFPB examiners in examining the mortgage companies and other financial institutions subject to the new regulations. Credit unions can find the updated examination procedures here.
Although the CFPB only supervises financial institutions with assets more than $10 billion, credit unions are still required to comply with the CFPB’s regulations. These procedures will be a valuable tool for credit unions to make sure they are complying with the new mortgage rule requirements.