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Supervision and Regulation News

May 14, 2007

Guidance on Filing Notices of Proposed Class Action Settlements 
In SR 07-7 / CA 07-2, the Board of Governors provides guidance to banking organizations of requirements for filing notice of proposed settlements of class action litigation.

Federal Reserve Hosts HOEPA Public Hearing June 14  
In a press release, the Board of Governors announced that it will hold a public hearing on June 14 to gather information on how it might use its rulemaking authority under the Home Ownership and Equity Protection Act to curb abusive lending practices in the home mortgage market. Consumer advocacy organizations, lenders and other interested parties are invited to participate in panel discussions. In addition to the panel participants, about one hour in the afternoon will be set aside to permit others to make brief statements.