Political Quotes

Chris Dodd: “It is my understanding that one of the reasons for providing the Federal Reserve Board, and, eventually, the bureau…”

On the recordMay 20, 2010
It is my understanding that one of the reasons for providing the Federal Reserve Board, and, eventually, the bureau, with authority to provide exemptions under paragraph (7) of this new section 129(l) of the Truth in Lending Act, is to allow the regulator to make adjustments to the points and fees cap with respect to smaller loans. I further understand that it is not the intent of the new section 129(l) to cover a streamline refinancing as provided by government programs such as FHA, and that the Board/bureau will establish appropriate guidelines for exemption. Is this view correct?
Said by
Chris Dodd
Democratic · Connecticut
Source
govinfo.gov
May 20, 2010

Editor's note · Context

Dodd discusses the Federal Reserve Board's authority under the Truth in Lending Act.

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