MBA President Courson Lauds Fed Decision to Suspend Three Regulation Z Rules
John A. Courson, president and chief executive officer of the Mortgage Bankers Association (MBA) has issued the following statement in response to the Federal Reserve Board's announcement that it would not finalize three pending rulemakings under Regulation Z, which implements the Truth-in-Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). "It is wholly appropriate for the Fed to halt these rulemakings. All along we have asked the Fed to suspend its Reg. Z rulemakings, knowing that the CFPB would soon take up many of the same TILA issues. We agree with the Board's analysis that completing these rulemakings, then having the CFPB do its own rulemaking shortly thereafter, would not be in the public's best interest. A series of unnecessarily duplicative rulemakings would have increased confusion, regulatory burden and costs to the very consumers these rules should protect. We look forward to working with the CFPB on its rule to address many of the same issues and to harmonize the TILA and RESPA consumer disclosures." For more information, visit www.mortgagebankers.org.