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Banking groups have responded
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Bank News
- Article date:
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May 1, 2008
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Copyright informationCopyright Bank News, Inc. May 2008. Provided by ProQuest LLC. (Hide copyright information)
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Banking groups have responded to Federal Reserve proposals to protect consumers from unfair and deceptive home mortgage lending practices. They generally support the Fed's efforts but warn against lumping prime mortgage loans with subprime in the regulation.
While generally supporting the Fed's efforts at consumer protection, the American Bankers Association expressed concerns over specific provisions and recommended several changes.
In its comment letter, ABA particularly supported the Fed's use of its authority under the Truth in Lending Act and the Home Ownership and Equity Protection Act to protect borrowers from abusive or predatory lending practices by establishing a uniform standard ...
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