The new Truth-in-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure requirements go into effect Aug. 1, 2015, and according to a CBAI Quick Poll, more than half of member banks are not prepared. Take the survey.
The biggest misconception about the rule is that it only impacts two documents. In reality, a regulation of this magnitude affects so much more. Regulatory experts have identified more than 400 regulatory citation changes stemming from the new law that will impact bank processes, technology, policies and procedures, vendor relationships, employee readiness, training, and customer service. Wolters Kluwer Financial Services has developed a TILA-RESPA Tool Kit that includes an outline of all the required changes, implementation timelines, project management templates, and other resources needed to prepare for and implement the required changes so banks can continue to do business as of the effective date. Learn More.