Seventh, improvements in institutional infrastructure in matters relating to administrative, judicial and other systems of governance are admittedly important. Needless to say, if we fail to record rapid progress in these critical areas, we will fail in everything, especially in economic arena.
The proposed legislation also would transfer authority for HMDA rulemaking from the Board of Governors to the new Consumer Financial Protection Bureau (CFPB). All information gleaned from these hearings will inform our rulewriting work.