The Fed and FTC on Wednesday issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose certain information to consumers.
Required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the revised forms are meant to help both consumers and lenders by simplifying the mortgage process. Comment by May 27.
The CFPB will begin testing prototype model mortgage forms against existing laws, according to its head.
The IRS emphasizes that this new reporting to employees is for their information only, and does not cause excludable employer-provided health coverage to become taxable.