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ABA Applauds Fed Decision To Delay Three Pending Reg Z Proposals

by Frank Keating, ABA President and CEO

Posted on 2/2/2011

"The American Bankers Association is pleased that the Federal Reserve has decided not to finalize three pending rules under Regulation Z (Truth in Lending Act) before transferring the authority for the rulemaking to the Consumer Financial Protection Bureau. We believe that all new regulatory efforts should be postponed to achieve better coordination with - and proper integration into - the broader mortgage-reform requirement under the Dodd-Frank Frank Act."

"The piecemeal regulatory changes to mortgage regulations have yielded complex and conflicting requirements. This process has exacerbated consumer confusion and added considerable costs that threaten the availability of sound housing finance options going forward.

"ABA commends the Board for recognizing that the broader RESPA-TILA integration process mandated under the Dodd-Frank Act is a first priority. This effort will best improve disclosures and help consumers understand their mortgage loans. We continue to ask that the Federal Reserve work with the new Consumer Financial Protection Bureau to develop a comprehensive plan for disclosure reform that includes an agenda and timetable to propose, finalize and implement all mortgage disclosure revisions by all agencies with a stake in mortgage lending."

The Federal Reserve's press release can found here.

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