Regulatory Alerts2013-12-23
Federal Reserve Guidance on Regulation X Homeownership Counseling List Requirement
The Federal Reserve Board issued this guidance to clarify supervisory expectations for state member banks regarding the Consumer Financial Protection Bureau's new Regulation X requirement. The rule mandates that lenders provide mortgage applicants with a list of local homeownership counseling organizations, either via a CFPB website or by generating their own list. The Board concurs with the CFPB's transitional approach, instructing examiners to allow lenders to direct borrowers to the CFPB website while they develop systems to comply with the second alternative.
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