RESPA Respite

We don't often get good news about what Congress has done with compliance legislation. But this year's banking act had some genuine burden relief. The act postpones the effective date of HUD's recently issued rules on employee compensation and referrals until July 31, 1997 unless HUD and the Federal Reserve reach a consensus on streamlining RESPA and Regulation Z before that date. So cross off October 7 and cancel your meeting with Human Resources on employee incentive for referrals. It can safely be put on the back burner until further notice.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 15, 10/96