Compliance Blog

Written by Steve Van Beek

On Friday, I inquired as to whether the CFPB would make available a full version of Reg Z and Reg X as they would be in January 2014.  The seven new regulations are very much related and, in fact, cross-reference each other.

Luckily, the Electronic Code of Federal Regulations links to amendments - including the new mortgage rules. If you are researching a particular regulatory section, you are alerted that there are upcoming changes and the effective date of those changes.  

An example may work best to explain.  Section 1024.20 of Regulation X (RESPA) includes the new Homeownership Counseling Disclosure Requirement that must be provided to any applicant of a "federally related mortgage loan" (don't be fooled by the fact that this requirement was part of the "high-cost" final rule).    

Note: The rules need to be published in the Federal Register before they'll start showing up on the Electronic Code of Federal Regulations.  As we indicated in last Tuesday's blog post, all but one of the rules will be published by the end of this week.

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On to the screen shots.  The main Regulation X - 12 CFR 1024 - in the e-CFR is below.  You can see the 1024.20 followed by XXX which simply means there will be a future requirement placed in this section.

If you click on the 1024.20 link you'll be taken to the place holder page below.  This means there is not a current requirement under 1024.20 but there is an amendment - the Homeownership Counseling Disclosure Requirement - that will be effective in the future.

If you click the link to the the amendment - you'll be taken to future text of 1024.20 as well as a reminder of the effective date.

The same approach will work for Regulation Z - provided the rules have been published in the Federal Register - and this also works for the Official Staff Commentary (click here and you can see two amendments to the OSC of Reg Z). 

Hope this helps - have a great week!