From: Jerry Gosse
Sent: Wednesday, August 17, 2005 1:05 PM
Subject: EGRIPA Regulatory Reduction Burden
Truth in Lending, or
Regulation Z, needs to be revamped from start to finish.
What initially started out as a useful tool intended to allow
prospective borrowers compare loan pricing has (in my opinion) evolved
into one of the longest and most complex banking regulations in history.
Further, it seems that many (if not most) borrowers do not understand the
disclosures, and banks are pressed to comply with the regulation's
volumonous and complex disclosure requirements.
In short, the regulation should be simplified both for clear
understanding by consumers as well as for bankers to comply.
I do not think that what currently exists is at all what Congress
intended. It might be helpful if Congressmen/women themselves would take a
good look at their own lending disclosures, as well as the regulation, to
see if this is what it was they wanted to assist consumers.