The CFPB launched earlier this week an electronic format of Regulation Z, which implements the Truth in Lending Act, to allow consumers and industry stakeholders to more easily navigate and understand new changes.
“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,” the CFPB said in a blog post. “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 new format will be available through the consumer watchdog’s eRegulations tool, which seeks to condense information spread out through pages of regulation into an easy-to-understand summary.
eRegulations displays the current version of Regulation Z, previous versions beginning December 2011 and planned versions of the rule that are not yet effective but have been published in the Federal Register.
Additionally, the tool also lets consumers compare two versions of a rule and to view the differences between two proposals in the browser.