National News

Fed adopts final Reg Z changes The Federal Reserve Board on July 14 approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices. The rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction. The rule amends Regulation Z (Truth in Lending) and was adopted under the Home Ownership and Equity Protection Act. The rule adds four protections for a newly defined category of “higher-priced mortgage . . .

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