Truth in Lending Act and Real Estate Settlement Procedures Act; Simplification and Improvement of Consumer Disclosures — 1997-07-18 [97-18940]

The Board and HUD will hold a public forum concerning the streamlining and reform of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The Economic Growth and Regulatory Paperwork Reduction Act of 1996 directs the Agencies to submit legislative recommendations to the Congress on how to simplify and improve consumer disclosures under RESPA and TILA if the disclosures cannot be simplified through regulatory change. The Agencies have concluded that meaningful simplification of the disclosures can only come about through statutory revisions. In addition, some have suggested that more effective protection of consumers from adverse steering and unnecessary costs, as well as greater certainty about permitted and prohibited behavior, might be achieved through reform of other provisions of RESPA.