On April 19th, the Federal Reserve Board, as required by the Dodd-Frank Act, requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The proposal would apply to all consumer mortgages (except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans). Comments should be submitted on or before July 22, 2011. Federal Reserve Board Press Release.