CFPB Issues Compliance Guides For New TILA, RESPA, And ECOA Requirements

In January 2013, the Consumer Financial Protection Bureau ("CFPB") issued a number of new final rules to implement amendments to the Truth in Lending Act ("TILA"), Real Estate Settlement Procedures Act ("RESPA"), and Equal Credit Opportunity Act ("ECOA") made by the Dodd-Frank Wall Street Reform and Consumer Credit Protection Act (collectively, the "January Rules"). The January Rules included, among other things, new mortgage servicing requirements codified in both Regulation X, which implements RESPA, and Regulation Z, which implements TILA, and amendments to Regulation Z addressing loan originator compensation issues. The new mortgage servicing and loan originator compensation rules are generally effective in January 2014.