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10.4 Studies and Reports

<< Title X Overview

10.4 Studies and Reports



10.4.     Studies and Reports.  The Act requires the Bureau to conduct a variety of studies and reports.  The Bureau must present annual reports to Congress on the complaints that it received and their resolution, on its efforts to fulfill its fair lending mandate, and on its financial literacy activities. [§ 1013]  The Bureau is required to monitor risks to consumers and is required publish at least one report a year of its significant findings related to such monitoring. The Bureau is required to publish an assessment of the effectiveness of each significant rule or order that it has issued within five years of the effective date of the rule or order, providing for public comment prior to publishing the assessment.[§ 1022]

            The Bureau is required to conduct a study on reverse mortgage transactions within 1 year of the Bureau Transfer Date.  If the Bureau determines through its study that conditions or limitations on such transactions are necessary or appropriate to protect borrowers, the Bureau may issue regulations to address such concerns.  The regulations may identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction.  The regulations may provide for an integrated disclosure standard, and model disclosures for reverse mortgage transactions, that combine the relevant disclosures required under the Truth in Lending Act and RESPA, with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under the National Housing Act.[§ 1076]  

The Bureau will conduct a study on the nature, range, and size of variations between the credit scores sold to creditors and those sold to consumers by consumer reporting agencies that compile and maintain files on consumers on a nationwide basis.  The Bureau will submit a report to Congress on the results of the study within 1 year of the enactment date. [§1078] 

The Bureau will review all Federal laws and regulations relating to the protection of consumers who use like kind property exchange facilitators for transactions primarily for personal, family, or household use.  The Bureau will submit a report to Congress, within 1 year of the Bureau Transfer Date, describing recommendations for legislation and for updating regulations to protect such consumers. [§1079]