Fed Proposes Major TILA Changes for Mortgages and Home Equity Lines

Posted on July 24, 2009 by Veronica McGregor

The Federal Reserve Board on Thursday proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit (HELOCs). These changes, offered for public comment, reflect the result of consumer testing conducted as part of the Board's comprehensive review of the rules for home-secured credit. The amendments would also provide new consumer protections for all home-secured credit.

Press Release with links to proposal: http://tiny.cc/TenbM

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