The Consumer Financial Protection Bureau is "attempting an ambitious project required under Dodd-Frank to consolidate overlapping disclosures," writes American Banker's Joe Adler.
The CFPB will meld the Truth in Lending Act and Real Estate Settlement Procedures Act. Bankers remain concerned about the implementation as they will have to incorporate changes twice - once in January and again with the TILA-RESPA consolidation.
CFPB Director Richard Cordray stated in a press release, "Considering these disclosures on the same timeline will ensure that consumers receive clear, concise and consistent information."
For the full piece see "CFPB to Streamline Laundry List of Disclosure Changes" (may require subscription).