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The CFPB updated the CHARM booklet and my bank has a supply of the previous version. May the bank continue to provide the previous version until its supply is exhausted?

The Consumer Financial Protection Bureau (Bureau) updated the Consumer Handbook on Adjustable Rate Mortgages (CHARM booklet). My bank has a supply of the previous version of the booklet. May the bank continue to provide the previous version until its supply is exhausted?

Yes, it may. The Bureau has provided the following guidance.

It is optional, but creditors may immediately begin using the revised CHARM booklet, or a suitable substitute, to comply with the requirements in Regulation Z. The Bureau understands, however, that some may wish to use their existing stock of the CHARM booklet. Therefore, those who provide this publication may use earlier versions of the CHARM booklet until existing supplies are exhausted. When reprinting the CHARM booklet, creditors should use the most recent version. (July, 2020)

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