Topics In This Issue
• Federal Issues
• State Issues
• Firm News
• Consumer Finance
• Credit Cards
Excerpt from "Federal Issues"
Federal Reserve Board Announces Final Rules Implementing New Disclosure Requirement Under the Truth in Lending Act. On August 16, the Federal Reserve Board (Board) announced final rules implementing a new disclosure requirement under a statutory amendment to the Truth in Lending Act (TILA). The new rules require that consumers receive notice when their mortgage loan has been sold or transferred. The requirement became effective in May 2009, upon enactment of the Helping Families Save Their Homes Act. Pursuant to that Act, a purchaser or assignee that acquires a mortgage loan to provide the required disclosures in writing within 30 days. The Board had previously published interim rules in November 2009, which were effective immediately, in order to provide compliance guidance to parties covered under the amendment. Covered parties may continue to follow the interim rules until January 1, 2011, the mandatory compliance date for the final rules. The Board also had provided an online publication for consumers titled, "What You Need to Know: New Rules for Mortgage Transfers," which explains what consumers can expect from their mortgage lenders regarding the new disclosure requirement.
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