Compliance Blog

Feb 07, 2008
Categories: Consumer Lending

CAC and HOEPA

The Consumer Advisory Council (CAC) will meet with the Federal Reserve on Thursday, March 6 , 2008.   The CAC was founded in 1976 to advise the Fed on certain matters.  CAC represents consumers, AND financial institutions.  Read more about CAC here.

CAC and the Fed will discuss proposed rules that address residential mortgage transactions.  Specifically:

Members will discuss the Board's proposal to establish new regulatory protections for consumers in the residential mortgage market through amendments to Regulation Z, which implements the Truth in Lending Act and the Home Ownership and Equity Protection Act. The proposal addresses unfair, abusive, or deceptive lending and servicing practices and mortgage advertising practices, and would also require creditors to provide consumers with transaction-specific cost disclosures earlier.

Here is a link to more information about the CAC/Fed meeting.  NAFCU works closely with the CAC, and we're working on our own comment to the HOEPA proposal.  Here is our Regulatory Alert on the HOEPA proposal.  (Member's only.)

Carrie Hunt, NAFCU's Senior Counsel and Director of Regulatory Affairs would LOVE to hear your feedback on the HOEPA proposal.  Send her an email at chunt@nafcu.org.  Our Regulatory Alert does a great job of walking you through the issues that the Fed wants to know about.  Any comments you can give us will help us and CAC show the Fed any unintended consequences of the rule.