The Consumer Financial Protection Bureau (CFPB) began the new year by continuing to refine Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act.
On January 10, 2013, the CFPB amended Regulation Z to implement laws requiring mortgage lenders to make a reasonable, good faith determination of a consumer’s ability to repay a credit transaction secured by a dwelling.
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