 | |
 | On March 28, the Fed issued a
final rule regarding revisions to the official staff commentary of
Regulation Z. Among other things, the final rule (i) states the rules for
disclosing fees to expedite a payment or delivery of a credit card; (ii)
interprets the rules for replacing an accepted credit card to permit an
issuer, under certain conditions, to replace an accepted card with more than
one card; and (iii) discusses the treatment of private mortgage insurance
payments in disclosing the payment schedule and the selection of Treasury
security yields for determining whether a mortgage loan is covered by
provisions in Regulation Z that implement the Home Ownership and Equity
Protection Act. The final rule is effective April 1, 2003, and the date for
mandatory compliance is October 1, 2003. The press release announcing the
final rule and a link to the final rule itself can be found at the Fed's
website |
| HUD published a notice in the
Federal Register on February 7, 2003, correcting its semi-annual agenda
published in December 2002. In December, HUD stated that the final RESPA
rule would be published in January 2003. In this announcement, HUD corrected
the date to Spring of 2003. |
| The City of Los Angeles "Anti-Predatory
Loan Ordinance" was passed by the City Council on December 10, 2002 and
the Mayor signed this ordinance on December 18, 2002. We will provide a
summary of this ordinance once the rules and regulations are published and
the effective date is established. |
Predators
Turn Prey in Lending Laws - at TheStreet.com
Wells
Fargo Vs. California - at Forbes.com
What Rules Lurk in the
Mind of HUD?
FTC
Charges One of Nation's Largest Subprime Lenders with Abusive Lending
Practices March 7, 2001
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