Outlook Live Webinar
Thursday, May 26, 2011
|Times:||11:00 a.m. - 12:00 p.m. Pacific|
|12:00 p.m. - 1:00 p.m. Mountain|
|1:00 p.m. - 2:00 p.m. Central|
|2:00 p.m. - 3:00 p.m. Eastern|
In April, the Federal Reserve Board issued for public comment, a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage loan before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and would apply to all consumer mortgages (except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans).
Consistent with the act, the proposal would provide four options for complying with the ability-to-repay requirement:
The proposal would also implement the Dodd-Frank Act's limits on prepayment penalties.
Please join us for a discussion of the proposed rules with Maureen Yap, Senior Attorney at the Federal Reserve Board of Governors. She will present and provide insight on the proposed changes, which are due for comment on July 22, 2011, and field questions during the call to help facilitate understanding of the proposed changes.
This webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The “Outlook Live” Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.
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