WASHINGTON (5/14/14)--The Consumer Financial Protection Bureau has launched an electronic version of Regulation Z, the flagship federal regulation protecting consumers in matters involving credit products.
Regulation Z implements the Truth in Lending Act (TILA) and has undergone several recent changes, including new rights and disclosures for mortgages.
The new format for Regulation Z uses CFPB's eRegulations tool, which was launched last year as a way to combine important information that is hard to navigate or spread over multiple pages throughout a regulation.
"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," reads the CFPB blog.
"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 eRegulations format allows consumers to view the current version of Regulation Z, previous versions beginning Dec. 30, 2011, as well as two amendments that will become effective on July 18, 2015, and Aug. 1, 2015.