FEDERAL RESERVE STEPS BACK ON NEW MORTGAGE DISCLOSURE RULES

The Federal Reserve said this week that it "does not expect" to finalize three pending rule changes under TILA that would have mandated new consumer disclosure requirements for mortgage loans. The Fed began crafting the new regulations more than a year ago in response to claims that borrowers did not understand the terms of the loans they were signing. However, rulemaking authority for TILA and jurisdiction over consumer disclosures is scheduled to transfer to the new Consumer Financial Protection Bureau within a few months.


http://www.dsnews.com/articles/federal-reserve-steps-back-on-new-mortgage-disclosure-rules-2011-02-02