The guidance pieces on subprime and nontraditional mortgages that I mentioned earlier address many issues relating to consumer protection, in addition to safety and soundness. We are also undertaking other actions to address concerns related to the flow of information to consumers and enforcement of consumer protections. One concern is the need to improve the mortgage information that consumers receive.
As I mentioned earlier, effective disclosure empowers consumers and enhances competition. But to be effective, disclosures must give consumers information that they can readily understand at a time when the information is relevant. I anticipate that to that end, the Federal Reserve will propose improvements to the rules governing the disclosure of mortgage loan terms and conditions and the timing of those disclosures.