Fed OKs HOEPA Draft Final Rules with Little Changes, Rate Threshold Lowered, Credit Life Premiums in Points/Fees
December 17, 2001
The Federal Reserve Board has approved a final rule that will bring more mortgage loans under the consumer protection requirements of the Home Ownership and Equity Protection Act. The final rule approved by the Fed on Dec. 12 implements virtually all of the provisions in a December 2000 proposed revision to the Fed’s Regulation Z, which implements HOEPA and the Truth in Lending Act. Only two changes were made.