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Advanced Search What's New · What's Next · Site Map · A-Z Index · FAQs · Careers About the Fed News & Events Testimony and Speeches Press Releases Banking Information & Regulation Monetary Policy Economic Research & Data Payment Systems Consumer Information Community Development Reporting Forms Publications Home > News & Events > 2007 Banking and Consumer Regulatory Policy Joint Press Release Print Conferences Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Office of Thrift Supervision For immediate release August 14, 2007 Federal Financial Regulators Propose Illustrations of Consumer Information to Support Their Statement on Subprime Mortgage Lending The federal financial regulatory agencies today issued proposed illustrations of consumer information for certain adjustable-rate mortgage (ARM) products described in the agencies’ Statement on Subprime Mortgage Lending (Subprime Statement), effective July 10, 2007. The Subprime Statement recommends communications that ensure consumers have clear, balanced, and timely information about the relative benefits and risks of certain ARM products. The illustrations are intended to assist institutions in providing this information. The illustrations consist of (1) an explanation of some key features and risks that the Subprime Statement identifies, including payment shock, and (2) a chart that shows the potential consequences of payment shock in a concrete, readily understandable manner. The agencies seek public comment on all aspects of the proposed illustrations. Comments are due 60 days after publication in the Federal Register. The proposed illustrations are attached. Federal Register Notice 317 KB PDF | TEXT Media Contacts: Federal Reserve Board Susan Stawick 202-452-2955 FDIC David Barr 202-898-6992 NCUA Cherie Umbel 703-518-6330 OCC Dean DeBuck 202-874-5770 OTS Kevin Petrasic 202-906-6677 2007 Banking and Consumer Regulatory Policy Last update: August 14, 2007 Home | News & Events Accessibility Contact us Linking Policy FOIA PDF Reader
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