The Federal Reserve also remains strongly committed to effectively carrying out our responsibilities for consumer protection. Over the past three years, the Federal Reserve has written rules providing strong protections for mortgage borrowers and credit card users, among many other substantive actions.
Later this week, the Board will issue a proposal using our authority under the Truth in Lending Act, which will include new, consumer-tested disclosures as well as rule changes applying to mortgages and home equity lines of credit; in addition, the proposal includes new rules governing the compensation of mortgage originators.