As I said when I introduced this legislation, we do not intend to discourage the Federal Reserve from moving ahead. I will work closely with the Fed as these proposed regulations are reviewed. The Federal Reserve, however, is only one of several agencies that regulate the financial services industry. We need legislation so that we will have uniform standards guaranteeing that disclosures will be delivered to all consumers under the same set of rules by all financial services providers.
Consumers can check their balances, transfer funds and pay bills without leaving home.
But the laws governing many financial services, particularly those involving loans and mortgages, need further clarification. A date for the September hearing has not been determined. The content of the disclosures would remain the same and the legal rights and responsibilities of all parties would be unchanged.