Recently the Federal Reserve Board announced that it does not expect to finalize three pending rulemakings under Regulation Z prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). The proposed rules were massive. They would have changed all of the rules regarding the disclosures for mortgage loans, both open-end (HELOCs) and closed-end. But we haven’t seen the last of these proposals; they will be revived by the new […]
Category: Dodd-Frank Act
The Federal Reserve Board’s Big Day
On Monday August 16th the Federal Reserve Board went crazy. They published a bunch of new and proposed regulations. These changes are huge and some of them are happening soon. A summary of each action is provided below. NEW PAYMENT INCREASE RISK DISCLOSURE The Fed issued an interim rule that revises the disclosure requirements for closed-end mortgage loans under Regulation Z (Truth in Lending). The interim rule implements provisions of the Mortgage Disclosure Improvement Act […]
Dodd-Frank Wall Street Reform and Consumer Protection Act
Congress has completed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Next, the 2,300 page bill moves to the White House for the President’s signature, which is expected by July 21st. Then the real action begins: • An entire bureaucracy must be built for the new Bureau of Financial Protection and the new Financial Stability Oversight Counsel; and • Thousands of pages of regulations will be written. An area of particular concern […]