Written by JiJi Bahhur, Director of Regulatory Compliance
As part of its eRegulations tool, the Consumer Financial Protection Bureau (CFPB) launched, earlier this week, an “easier-to-navigate” electronic version of Regulation Z, which implements the Truth in Lending Act. From the CFPB’s blog:
“The public, industry, and the government all benefit from regulations that are easier to find, read, and understand. That is why last year we launched our eRegulations tool which combines important information that can often be difficult to navigate or is spread throughout a regulation, often separated by dozens or even hundreds of pages. Ideally, using eRegulations will lead to better compliance and improved accessibility.
By adding Regulation Z, one of the most complex and heavily-consulted consumer financial regulations, we can help mortgage stakeholders better understand and comply with the recent amendments implementing the Ability to Repay rules, the new federal mortgage integrated disclosures, and other changes. Stakeholders who deal with credit cards, auto loans, student loans, and other consumer credit will also benefit, because Regulation Z covers virtually all forms of consumer credit.”
The purpose of the eRegulations tool is to provide a way to effectively display past, current and future versions of a regulation that are not yet effective but that have been published in the Federal Register. The tool also has a new feature that allows comparison of two versions of the regulation so the person looking at the regulation can see what the differences are from one version to the other.
It sounds nice and I don’t doubt that it could be of use when conducting research, but the CFPB did provide a disclaimer that users should be aware of. From the eRegulations tool:
“The CFPB’s eRegulations tool is an editorial compilation of material and not an official legal edition of the Code of Federal Regulations or the Federal Register. We have made every effort to ensure the material presented in this tool is accurate, but if you are relying on it for legal research you should consult the official editions of those sources to confirm your findings. Nothing in this tool binds the Bureau or creates any rights, benefits, or defenses, substantive or procedural, that are enforceable by any party in any manner.”
Have a great weekend, everyone!