CFPB going digital to help everyone understand everything

10 Jun

HousingWire – Brena Swanson

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. To everyone. 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 theConsumer 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 eRegulationstool 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.

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