InfoBytes, February 4, 2011 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Banking

• Litigation

• E-Financial Services

• Privacy/Data Security

Excerpt from "Federal Issues"

Fed Likely to Abandon Proposed Reg. Z Rules. On February 1, the Federal Reserve Board (the Board) announced that it will not finalize three pending rulemakings under Regulation Z before its rulemaking authority is transferred to the Consumer Financial Protection Bureau (CFPB) this July. The proposed rules were part of the Board’s comprehensive review of its mortgage lending regulations under the Truth in Lending Act (TILA). The first two proposed rulemakings, issued in August of 2009, would have reformed the consumer disclosures for closed-end mortgage loans and home equity lines of credit (Docket Nos. R-1366 and R-1367). The third rulemaking, issued in September 2010 (Docket No. R-1390), would have amended consumer disclosures to explain the consumer’s right to rescind certain loans and would have clarified the responsibilities of the creditor if a consumer exercises this rescission right. Additionally, the September 2010 proposal would have (i) changed the disclosures for reverse mortgages, (ii) proposed new disclosures for loan modifications, (iii) placed restrictions on certain advertising and sales practices for reverse mortgages, and (iv) changed the disclosure obligations for loan servicers. However, because the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated that the CFPB combine TILA and RESPA disclosures, the Board determined that proceeding with the 2009 and 2010 proposals was not in the public interest.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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