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Joint Report to the Congress Concerning Reform to the Truth and Lending Act and the Real Estate Settlement Procedures Act


Report Acceptance Date: July 1998 (158 Pages)
Posted Date: March 27, 2012

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Section 210 of the Economic Growth and Regulatory Paperwork Reduction Act of 19961 directed the Board of Governors of the Federal Reserve System (the Board) and the Department of Housing and Urban Development (HUD) to simplify and improve the disclosures given in transactions subject to the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), including the timing for providing those disclosures. The agencies were also asked to create a single TILA-RESPA disclosure statement, if feasible, that would meet the purposes of the acts. These changes were to be made by regulation, if possible; if statutory amendments were necessary, the Board and HUD were to make legislative recommendations. In 1997, the agencies concluded that meaningful change could come only through legislation. This report presents the Board's and HUD's recommendations for revising TILA and RESPA.

This report is part of the collection of scanned historical documents available to the public.

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