On August 23, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register (77 FR 51116) the following proposed rule: “Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z).” The comment period ends on November 6, 2012, for the proposed rule’s amendments to Regulation Z and Regulation X, including proposed §§1026.1(c) and 1026.4 for which we issued a memorandum on August 24, 2012. This memo will address the proposed rule’s other amendments to Regulation X and Regulation Z and will principally focus on the integrated disclosure amendments. Those clients wishing to comment must submit comments, identified by Docket No. CFPB-2012-0028 or RIN 3170-AA19, by any of the following methods: 1. Electronic: http://www.regulations.gov. Follow the instructions for submitting comments. 2. Mail/Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street, NW, Washington, DC 20552. The following summary of the proposed rule is taken from the CFPB’s preamble published with the proposed rule, the text of the proposed rule, and the proposed rule’s commentary. Only minor editing changes were made, as deemed appropriate by the authors. The texts under Note in bold italics are solely the comments of the authors.

Complete Memorandum