Proposing a new way to present information about mortgages

After more than a year of research, testing, writing, and review, today we’re submitting a proposed rule to the Federal Register to create new, easier-to-use mortgage disclosures.

Take a closer look to learn more about the proposal. 

The proposal means different things to different people. For consumers, the proposed forms are simpler than the current forms and highlight certain key pricing information right on the first page. For industry, the forms are easier to explain to customers and the regulatory changes make the rule easier to comply with. And for everyone, the proposal offers a way to judge an experiment in public participation.

Early last year, we began a project to develop a more effective, and ideally simpler, set of mortgage disclosures. The Dodd-Frank Act mandates that the CFPB combine the Truth in Lending and Real Estate Settlement Procedures Act mortgage forms. We believe that these new, combined forms would be better if they are designed with input from the people who will actually use them.

We called this participatory approach “Know Before You Owe.”

The proposed rule we are releasing today is in many ways the result of that idea. We’ve provided several types of information to help you explore our work:

  • A side-by-side comparison of the current and proposed disclosures
  • A timeline of the project, from the beginning through today
  • The proposed rule, including an annotated disclosure connecting what goes on page one to what we’re proposing in the rule
  • Summaries of what the proposal means for consumers and for industry, as well as reports on what we learned through this process

The input we’ve received from people like you – consumers, industry, designers, regulators, and more – has helped to shape the proposal we’re submitting today. Thank you. Now we need you to help us one more time.

Review the proposal. Then submit a comment to let us know what you think of it.

Thank you,
The Consumer Financial Protection Bureau

Bills Before Congress: July 9 -13

in the House

The Repeal of Obamacare Act
Would repeal the 2010 healthcare law. It’s the GOP response to the Supreme Court ruling on the law. The House Rules Committee is expected to consider this bill on Monday evening in an “emergency meeting” because the bill will be officially introduced on Monday by Majority Leader Eric Cantor (R-Va.). The House is expected to vote on the bill on Wednesday, July 11.

Republicans in the house have gone overboard this session mandating that each and every bill must specify “pay-fors.”  A repeal of “Obamacare” would pose a $230B increase in the budget deficit.  Watch to see if hypocrisy prevails and whether Rep. Eric Cantor (R-VA) identifies ANY “pay-fors” as part of his repeal effort that is going absolutely NOWHERE.  

The National Strategic and Critical Minerals Production Act (HR 4402)
Aimed at streamlining the process for approving mining rights, and addressing what many see as an increasingly U.S. reliance on imported rare earth minerals that are key to manufacturing and national security.

Several non-controversial bills will also be considered in the House this week:

The Veterans’ Compensation Cost-of-Living Adjustment Act (HR 4114)
Increases, effective as of Dec. 1, 2012, the rates of compensation for veterans with service-connected disabilities and the rates of dependency and indemnity compensation for the survivors of certain disabled veterans.

The Veteran Skills to Jobs Act (HR 4155)
Directs the head of each Federal department and agency to treat relevant military training as sufficient to satisfy training or certification requirements for Federal licenses.

HR 4367 amends the Electronic Fund Transfer Act to limit the fee disclosure requirement for an automatic teller machine to the screen of that machine.

The Hydropower Regulatory Efficiency Act (HR 5892)
Improves hydropower.

The Juvenile Accountability Block Grant Reauthorization and the Bullying Prevention and Intervention Act (HR 6019)
Enhances the use of Juvenile Accountability Block Grants for programs to prevent and address occurrences of bullying and to reauthorize the Juvenile Accountability Block Grants program.

in the Senate

The Small Business Jobs and Tax Relief Act (S 2237) – The Senate will hold a procedural vote on this bill Tuesday afternoon.
This bill (#6 on POPVOX) would reduce corporate taxes on the first $5 million in wages paid in 2012 over 2011.

The Haqqani Network Terrorist Designation Act (S 1959)
Requires a report on the designation of the Haqqani Network as a foreign terrorist organization.

The Former Charleston Naval Base Land Exchange Act (S 2061)
Provides for an exchange of land between the Department of Homeland Security and the South Carolina State Ports Authority.

Other Bills of Interest

The Supreme Court ruling in favor of the healthcare bill prompted the introduction of several bills to repeal the law, none of which appear likely to advance because of the pending House vote on Cantor’s bill.

Three of these similar bills made the top of POPVOX’s most-commented list last week:

The NObamacare Act (HR 6053)
Repeals the provisions of the Patient Protection and Affordable Care Act and the health-related provisions of the Health Care and Education Reconciliation Act of 2010 not declared unconstitutional by the Supreme Court from Rep. Connie Mack (R-Fla.).

The Healthcare Tax Relief and Mandate Repeal Act (HR 6048)
Amends the tax code to repeal the individual and employer health insurance mandates, from Rep. Michael Turner (R-Ohio) and more than 100 other cosponsors.

The NObamacare Funds Act (HR 6054)
Prohibits funding to implement any provision of the Patient Protection and Affordable Care Act or of the health-related provisions of the Health Care and Education Reconciliation Act of 2010, from Rep. Connie Mack (R-Fla.).