Consumer Affairs Letters
Revised RESPA Interagency Examination Procedures
AND COMMUNITY AFFAIRS
|SUBJECT:||Revised RESPA Interagency Examination Procedures|
The attached procedures are updated to reflect the transfer of rulemaking authority under RESPA from the Department of Housing and Urban Development (HUD) to the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. On December 20, 2011, the CFPB published an interim final rule restating and recodifying Regulation X (76 Fed. Reg. 78978). The interim final rule did not impose any new substantive obligations on persons subject to the existing Regulation X previously published by HUD. Rather, it substantially duplicated HUD’s Regulation X, making only certain non-substantive, technical, formatting, and stylistic changes. To minimize any potential confusion, the CFPB generally preserved the numbering system of HUD’s Regulation X in a new part of the Code of Federal Regulations (12 CFR part 1024).
In addition, the attached procedures reflect recently-issued amendments to the CFPB’s Regulation X. Specifically, the procedures reflect rules implementing the Dodd-Frank Act that will generally go into effect on January 10, 2014, including rules regarding mortgage servicing and homeownership counseling requirements.
The attached procedures incorporate amendments to the CFPB’s Regulation X finalized through July 10, 2013. The CFPB is also expected to finalize a separate proposal containing additional clarifications to the mortgage servicing rule in the fall. We anticipate issuing corresponding interagency revisions to the Regulation X examination procedures shortly after the rulemaking is finalized.
If you have any questions, please contact Dana Miller, Senior Supervisory Consumer Financial Services Analyst, (202) 452-2751, or Carol Evans, Assistant Director, at (202) 452-2051.
Sandra F. Braunstein
Division of Consumer and Community Affairs