Sep 26, 2018
Sep 26, 2018
The Office of the Comptroller of the Currency (OCC) issued today the 'Truth in Lending Act' (TILA) booklet of the Comptroller's Handbook. This updated booklet replaces a similarly titled booklet issued in December 2014.
This booklet provides updated guidance and procedures to examiners in connection with changes made to Regulation Z (12 CFR 1026), which implements TILA. The updated OCC booklet includes procedures implementing the Bureau of Consumer Financial Protection’s rule: the Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), which became effective in October 2015.
This bulletin makes available on the OCC website the OCC's revised examination procedures for Regulation Z and removes the 'Interagency TILA/Regulation Z Examination Manual' posted in May 2015.
Significant revisions from the OCC’s 2014 TILA booklet reflect
- requirements for integrated mortgage loan disclosures under TILA and RESPA.
- special provisions on certain construction loans.
- special provisions relating to small creditors and rural or underserved areas.
- changes regarding appraisals for higher-priced mortgage loan exemptions.
- updates to mortgage origination examination procedures.
- added quick reference tools regarding TILA–RESPA integrated disclosures and high-cost mortgage loans.
- updates to mortgage servicing rules and the small creditor definition.