Federal regulators are seeking comment on ways to eliminate "outdated, unnecessary and unduly burdensome requirements" in the consumer lending regulations that implement the Truth in Lending Act and the Home Mortgage Disclosure Act."We encourage comments that address not only individual rules or requirements but also pertain to certain product lines," according to the request for comments. "For example, in the case of a particular loan, are any disclosure requirements under one regulation inconsistent with or duplicative of requirements under another regulation? Are there unnecessary records that must be kept?" Congress has directed the banking and thrift regulators to review their regulations to make sure they are consistent with the statutes and to reduce the regulatory burden on institutions. Besides TILA and HMDA, the regulators are reviewing the Equal Credit Opportunity Act, the Consumer Leasing Act, and the regulations dealing with unfair or deceptive acts and practices. The comment period ends April 20.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
7h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
11h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24