On July 9, 2012, the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending Act) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing disclosure requirements and implementing new requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the proposed rule provides extensive guidance regarding compliance with those requirements.