To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has joined with the Department of Housing and Urban Development in issuing a request for public comment on possible amendments to the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
Comment is requested by January 31, 1997.
The agencies' notice specifically requests comment on how to improve and consolidate disclosures given in home mortgage loan transactions subject to both TILA and RESPA.
The text of the joint notice, as published in the Federal Register of December 31, 1996 is available as a (pdf) file. Comments thereon should be submitted by January 31, 1997 to the Board or to HUD, as specified in the notice, or to this Bank's Compliance Examinations Department.