Government Warns Banks: HELOC Reductions Must Comply With Federal Law
October 11, 2008
The US government’s Office of Thrift Supervision, which regulates the behavior of banks and other savings organizations, has issued a warning earlier today to America’s financial institutions. When banks decrease the amount of home equity-secured credit they offer their customers–or when they cancel customers’ access to home equity lines of credit (HELOCs) altogether–the customers are protected under a number of federal laws. These laws include the Truth in Lending Act, the Fair Housing Act, and the Equal Credit Opportunity Act. [Read more]
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