The Consumer Financial Protection Bureau (CFPB) announced the availability of an updated consumer publication, “What You Should Know about Home Equity Lines of Credit,” also known as the HELOC booklet, required by the Truth in Lending Act/Regulation Z (1026.40(e)).
The CFPB states this version of the HELOC booklet (dated 8/22) is updated “to align with the Bureau’s educational efforts, to be more concise, and to improve readability and usability.” The CFPB website has links (way down the page) to a print version, a web version and a link to order copies from the Government Printing Office. Spanish language versions are also available.
There was no information about when use of this version was required, or a timeframe for using up old versions. If your institution is offering these on automated platforms or on your website, we recommend updated versions be implemented at the earliest opportunity. If you have a supply of printed copies, in the past the agencies have allowed “a reasonable amount of time” to use up a prior supply but you may want to reach out to your regulator for additional guidance if you have a significant supply.
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