Difficulties Hammering Out Risk-Based Pricing Provision Cause Delay in Issuing Proposal
September 17, 2004
A new statutory requirement that mortgage lenders provide disclosures to consumers when they make credit offers on “less favorable” terms is slated to take effect in December, but regulators are having trouble developing rules for implementing the provision. The Federal Trade Commission and the Federal Reserve Board are charged with issuing a rule on the risk-based pricing disclosure, which was enacted as part of the Fair