As part of this project, the Federal Reserve will review nonbank subsidiaries of bank holding companies for compliance with a number of regulations, including TILA, HOEPA, the Equal Credit Opportunity Act, the Real Estate Settlement Procedures Act, and the Home Mortgage Disclosure Act.
The other partners in the project will conduct similar reviews of nondepository subsidiaries of thrift holding companies, independent mortgage lending companies, and mortgage brokers doing business with these entities. The partner agencies intend to share information about their findings with each other, review the lessons learned, and seek additional ways to cooperate to ensure effective and consistent supervision of these entities.