CFPB going digital to help everyone understand everything
eRegulation updated to include Regulation E, Regulation Z
The start of 2014 brought an onslaught of new rules from the Consumer Financial Protection Bureau.
But with the surge in new regulation, the CFPB is also executing extra effort to ensure everything is understandable.
This includes borrowers, lenders and servicers alike.
Last year, the CFPB launched its web-based eRegulations tool in an effort to make regulations easier to navigate and understand, Steve Antonakes, deputy director of the Consumer Financial Protection Bureau, said at the American Bankers Association Regulatory Compliance Conference.
“As a result of the positive and helpful input that we received from industry, consumer advocates, and even the tech community, we recently expanded our eRegulations tool to include not only Regulation E but also Regulation Z,” Antonakes said.
“In doing so, we are providing an intuitive, easy-to-navigate electronic version of the Bureau’s regulations implementing the Truth in Lending Act, which will make it easier to understand, use, and implement the recently adopted mortgage rules as well as many other requirements,” he continued.
But this new streaming things online is not new for the CFPB.
Back in April, the bureau said it is starting to usher in the beginning steps of getting the industry on board with electronic mortgages.
“As part of our Know Before You Owe initiative, we are making a commitment to work with the various stakeholders to use technology in order to improve the mortgage closing experience for consumers,” CFPB Director Director Richard Cordray said.
“We strongly believe that electronic closing solutions – known as eClosings – can lead to more knowledgeable consumers and a much better process for everyone involved,” Cordray added.