The Consumer Financial Protection Bureau issued a final rule that amends Regulation Z by expanding the types of mortgage loans that are subject to the Home Ownership and Equity Protections Act of 1994 (HOEPA), revising and expanding the tests for coverage under HOEPA, and imposing additional restrictions on mortgages that are covered by HOEPA, including a pre-loan counseling requirement. The final rule also amends Regulation Z and Regulation X by imposing other requirements related to homeownership counseling. The final rule becomes effective on June 1, 2013. To view this final rule, click here.
