News release: “The Federal Reserve Board on Monday 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 and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction.

The final rule, which amends Regulation Z (Truth in Lending) and was adopted under the Home Ownership and Equity Protection Act (HOEPA), largely follows a proposal released by the Board in December 2007, with enhancements that address ensuing public comments, consumer testing, and further analysis.”

• Highlights of Final Rule Amending Home Mortgage Provisions of Regulation Z (Truth in Lending)
• Draft Federal Register Notice
• Consumer Testing of Mortgage Broker Disclosures, Summary of Findings
• Open Board Meeting Materials