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Board of Governors of the Federal Reserve System

Consumer Affairs Letters

CA 13-13

Revised RESPA Interagency Examination Procedures

August 21, 2013

Seal of the Board of Governors of the Federal Reserve System
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.  20551
DIVISION OF CONSUMER
AND COMMUNITY AFFAIRS
CA 13-13
August 21, 2013
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT:   Revised RESPA Interagency Examination Procedures
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for The Real Estate Settlement Procedures Act (RESPA).  These revised examination procedures supersede the RESPA interagency examination procedures transmitted with CA Letter 09-11.

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 HUDs 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 HUDs 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 CFPBs 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 CFPBs 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.

signed by
Sandra F. Braunstein
Director
Division of Consumer and Community Affairs


Supersedes:
CA 09-11 "Revised RESPA Examination Procedures" (November 9, 2009)
Last update: December 19, 2013