Enhanced Disclosure An interim rule by the Federal Reserve Board amending Regulation Z to improve disclosures for closed-end mortgages, home equity lines of credit and originator fees. The plan would require a recalculation of annual percentage rates for certain mortgages, prohibit brokers from receiving certain types of payments and require lenders to give borrowers more notice before reducing their home equity line. Published July 22 in the Federal Register with comments due Sept. 21.
BSA for Nonbanks An advance notice of proposed rulemaking by the Financial Crimes Enforcement Network soliciting comment on how to require mortgage brokers and other nonbanks to comply with the Bank Secrecy Act. Fincen asked whether nonbanks should have to file suspicious activity reports as banks do. The agency suggested that BSA rules for nonbanks could first apply to their residential mortgages and then Fincen could consider expanded rules for other types of loans. Published July 21. Comments due Aug. 20.