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ICBA Appreciates Federal Reserve’s Efforts to Clarify and Improve Home-Secured Loan Disclosures for Consumers

Washington, D.C. (July 23, 2009)—Karen Thomas, executive vice president of government relations for the Independent Community Bankers of America (ICBA), today issued this statement following the Federal Reserve Board’s announcement to improve home-secured loan disclosures.

“Customer service has always been the top priority for our nation’s more than 8,000 community banks because they know their customers and have a vested interested in the communities they serve. ICBA appreciates the Federal Reserve’s efforts to improve home-secured loan disclosures to ensure that consumers are provided with meaningful and informative disclosures that help them select the product that is right for them.

“ICBA is pleased that the Federal Reserve carefully conducted extensive consumer testing in their comprehensive review of the overall requirements. ICBA strongly urges the Federal Reserve to work with the Department of Housing and Urban Development (HUD) to make sure the disclosures mandated by the Truth In Lending Act (TILA), and HUD’s disclosures, required by the Real Estate Settlement Procedures Act (RESPA), are complementary, so that a single disclosure form could be used by creditors to satisfy both laws. These efforts should take place before any final rules are implemented by the Federal Reserve regarding mortgage disclosures.

“ICBA looks forward to providing further comment and working with the Federal Reserve in their efforts to revise these important consumer disclosures.”

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