FRB To Review Regulation C

As part of its regular cycle of regulation reviews, the Federal Reserve Board expects to publish a proposal for updating Regulation C. Look for a proposal sometime towards the end of this year. Unlike many regulation reviews, this one may actually result is some fairly major restructuring of the regulation. The result will be that newcomers to the regulation should find it easier to work with, but to those with long experience with Regulation C, some relearning well be necessary.

The proposal is expected to call for additional information on the Loan Application Register, including a category for manufactured housing and reporting of pre-approvals as recognized by Regulation B. The FRB also expects to propose making reporting of adverse action reasons mandatory.

Copyright © 2000 Compliance Action. Originally appeared in Compliance Action, Vol. 5, No. 12, 11/00