In a recent Housing Wire article, Megan Hopkins reported on the CFPB’s update of its exam procedures, and at the end of the article is a link to the new update for RESPA. Amazingly, the update for RESPA alone is an 82 page document!
Wow, I thought, this is a lot for a Compliance department to read and incorporate into its audit processes – and it’s only for RESPA. I wonder how lengthy the entire manual is?
Well, the October 2012 Version 2 of the CFPB Supervision and Examination Manual is a whopping 924 pages!
And that doesn’t include the subsequent updates for Debt Collection (29 pages), Education Loans (27 pages), ECOA (48 pages), TILA (213 pages), more ECOA (18 pages) and RESPA (82 pages).
So far, a total of 1,341 pages!
While it’s not quite as long as War and Peace (1,440 pages) yet, it probably will be after a couple more updates.
Happy reading, compliance professionals!