2  BIS Review 120/2007  The Federal Reserve is keenly aware, however, that disclosure alone may not be sufficient to combat abusive practices. In addition to providing consumers with better information, the Federal Reserve plans to exercise its rulemaking authority under the Home Ownership and Equity Protection Act (HOEPA) to address unfair or deceptive mortgage lending practices.
Strengthened procedures will be needed to coordinate and promote efficiency in this effort, as well as to avoid overlaps between the IFIs, and also with the rule-making capacities of the international supervisory bodies. 3.3  Improvements in cross-sector financial supervision The international regulatory groupings have made considerable progress in harmonising and strengthening national financial regulation and supervision.