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ARTICLE · 23 JULY 2008

Federal Reserve Board Issues Final Rule Addressing Mortgage Lending And Servicing Practices Under Regulation Z

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On July 14, 2008, the Board of Governors of the Federal Reserve System (the "FRB") issued a final rule (the "Final Rule") amending Regulation Z and the FRB's Official Staff Commentary, both of which implement the Truth in Lending Act (TILA).

United StatesFinance and Banking
Scott Anenberg
Scott Anenberg
Maya Wilson
Maya Wilson
Jeffrey Taft
Jeffrey Taft
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Originally published July 22, 2008

Keywords: Federal Reserve Board, FRB, Regulation Z, Truth in Lending Act, TILA, mortgage lenders, mortgage servicers, subprime, HOEPA.

On July 14, 2008, the Board of Governors of the Federal Reserve System (the "FRB") issued a final rule (the "Final Rule") amending Regulation Z and the FRB's Official Staff Commentary, both of which implement the Truth in Lending Act (TILA).1 The revisions to Regulation Z become effective on October 1, 2009, except for the escrow provisions, which take effect April 11, 2010. The Final Rule was adopted in part as a response to recent problems in the home mortgage loan market, including the recent increase in subprime mortgage loan delinquencies and foreclosures. It applies to all mortgage lenders and servicers, not just banks, thrifts and other insured depository institutions.

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