Regulatory AlertsCA 21-14: Revised Interagency Examination Procedures for Regulation Z
The Board of Governors of the Federal Reserve System issued this letter to distribute revised interagency examination procedures for Regulation Z to community banking organizations with total consolidated assets of $10 billion or less. These updated procedures supersede CA Letter 21-3 and incorporate amendments to the Truth in Lending Act published by the Consumer Financial Protection Bureau in 2020 and 2021. The revisions specifically address permanent changes to qualified mortgage provisions and extend the sunset date for the GSE Patch to October 1, 2022.
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CA 21-14: Revised Interagency Examination Procedures for Regulation Z
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
CA 21-14
October 25, 2021
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:
Revised Interagency Examination Procedures for Regulation Z
Applicability to Community Banking Organizations : This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets of $10 billion or less.
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation Z – Truth in Lending (TILA). These revised examination procedures supersede the examination procedures transmitted with CA Letter 21-3.
The attached procedures reflect amendments to Regulation Z published by the Consumer Financial Protection Bureau in 2020 and 2021: (1) implementing permanent changes to Regulation Z's qualified mortgage provisions, and (2) implementing an extension and phase-out for the GSE Patch, which had originally carried a January 10, 2021 sunset date under the Ability to Repay/Qualified Mortgage rule and which will now sunset on October 1, 2022.
Reserve Banks are asked to distribute this letter to the supervised institutions in their districts and to appropriate supervisory staff. Questions regarding this letter may be sent via the Board's public website 1
signed by Eric S. Belsky Director Division of Consumer and Community Affairs
Supersedes:
CA Letter 21-3, “Revised Interagency Examination Procedures for Regulation Z” (March 4, 2021)
Attachments:
Revised Interagency Examination Procedures for Regulation Z (PDF)
Notes:
- See http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text
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Last Update:
October 27, 2021