Pilot Project to Improve Supervision of Subprime Mortgage Lenders Announced - Circulars

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Circular

Pilot Project to Improve Supervision of Subprime Mortgage Lenders Announced

July 18, 2007

Circular No. 11880

Three federal agencies and two associations of state regulators will cooperate in an innovative pilot project to conduct targeted consumer-protection compliance reviews of selected non-depository lenders with significant subprime mortgage operations.

The agencies collaborating on the effort are the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, the Federal Trade Commission and state agencies represented by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.

The pilot project is scheduled to begin in the fourth quarter of this year and will focus on non-depository subsidiaries of bank and thrift holding companies, as well as mortgage brokers doing business with, or working for, these entities.

See the Board's press release for full details.

Press release

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