When institutions provide monthly statements with payment options, they are urged to include on the statement information that enables borrowers to make responsible choices, by explaining each payment option and the impact of each choice. In addition to the draft nontraditional mortgages, the Federal Reserve Board plans to hold several public hearings this summer on home-equity lending.
A law passed in 1946 made it a general goal for the U.S. government, but so far the Federal Reserve is the only agency assigned the job of pursuing maximum employment.