FRB Updates Consumer Compliance Handbook

The Division of Consumer and Community Affairs of the Board of Governors of the Federal Reserve System ("FRB") updated its Consumer Compliance Handbook.

The revised procedures reflect a series of amendments to Regulation Z and Regulation X by the Consumer Financial Protection Bureau (CFPB). These include: revisions to the disclosures received in connection with most closed-end mortgage loans, amendments affecting higher-priced mortgage loan appraisal requirements and other amendments issued by the CFPB.