WASHINGTON (4/26/10)—Starting in July, the Federal Reserve Board will conduct a series of four hearings on possible changes to its rules implementing the Home Mortgage Disclosure Act (HMDA), Regulation C. Mortgage lenders, consumers, and community and consumer organizations, as well as other interested parties, are invited to participate in the hearings involving the law that, in part, requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public. In an announcement Friday, the Fed said the hearings will serve three objectives. First, the Fed board will gather information to evaluate whether the 2002 revisions to Regulation C, which required lenders to report mortgage pricing data, helped provide useful and accurate information about the mortgage market. Second, the hearings will provide information that will help the agency assess the need for additional data and other improvements. Finally, the Fed hopes the hearings will help identify emerging issues in the mortgage market that may warrant additional research. The Credit Union National Association, working with its Consumer Protection Subcommittee, will request to participate and will provide credit union information and recommendations to the Fed. The hearings will take place at:
* The Federal Reserve Bank of Atlanta on July 15; * The Federal Reserve Bank of San Francisco on Aug. 5; * The Federal Reserve Bank of Chicago on Sept. 16, and; * The Federal Reserve Board in Washington, D.C. on Sept. 24.
For more information, use the resource link below periodically as more information about the agenda becomes available.