Regulation C implements theFair Credit Reporting Act.Truth in Lending Act.Community Reinvestment Act.Home Mortgage Disclosure Act.
Question
Which regulation implements the following acts?
- The Fair Credit Reporting Act.
- Truth in Lending Act.
- Community Reinvestment Act.
- Home Mortgage Disclosure Act.
Solution
Regulation C implements the Home Mortgage Disclosure Act (HMDA). This regulation requires lenders to report information about their mortgage applications to ensure that they are serving the housing needs of their communities and to assist in identifying potential discriminatory lending patterns.
The HMDA was enacted to provide the public with information about mortgage lending, which helps in the assessment of whether financial institutions are serving the housing needs of their local communities. It aims to promote fair lending practices and provide consumers with better insights into lending trends and practices in their areas.
In summary, while Regulation C is associated with several important acts, it specifically implements the requirements of the Home Mortgage Disclosure Act.
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