The Fed Proposes Mortgage-related Changes to Reg Z
Yesterday, the Federal Reserve issued proposed revisions to Regulation Z to protect consumers from unfair or deceptive home mortgage and lending related practices. The Fed did so via their rulemaking authority under HOEPA.  The proposed changes affect advertising, disclosures, escrow accounts, and more. The Fed has put in place a 90-day comment period for this proposal.
Here is the Fed's press release about the proposal.Â
Here is a good overview of the changes, provided by the Fed.
Here is a link where you can find the actual text of the proposal, as well as the Fed's Board Memo regarding the proposal. I didn't directly link to the reg, as the document is more than 200 pages in length.Â
Will this temper Congress' mood to tinker with the mortgage crisis? Perhaps. But here is Rep. Barney Frank's reaction, and he seems far from impressed by the Fed's action. Â
This is just the latest proposal in what has been a very, very busy winter for regulators. 2008 is shaping up to be an extremely busy year. FACT Act rule implementation, RESPA reform, Regulation Z reform, and more will be on our plate.