The Board announced that they will not finalize three pending rulemakings under Regulation Z prior to the transfer of authority
The Board issued a final rule to revise the escrow account requirements for higher-priced, first-lien “jumbo ” mortgage loans.
for these rulemakings to the CFPB. The proposed rules were published as part of the Board’s comprehensive review of its mortgage lending regulations under TILA. The first phase of the review consisted of two proposals issued in August 2009, that would have reformed the consumer disclosures under TILA for closed-end mortgage loans and home equity lines of credit. The third proposal, issued in September 2010, included changes to the right-to-rescind disclosures and reverse mortgage disclosures, as well as new disclosures for loan modifications. The Board received more than 5,000 comments expressing divergent views on many substantive and technical issues in the three proposals. Any new disclosure requirements adopted by the Board would be subject to the CFPB’s further revision in carrying out its mandate to combine TILA and RESPA mortgage disclosures. In addition, a combined TILA-RESPA disclosure rule could well be proposed by the CFPB before any new disclosure requirements issued by the Board could be fully implemented. For these reasons, the Board decided proceeding with these proposals would not be in the public interest.