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GGD-83-3 1 (1982-10-25)

handle is hein.gao/gaobabdsm0001 and id is 1 raw text is: RELEASED ...',,,. V ce of Congressolvai ielations, k BY THE U.S, GENERAL ACCOUNTING OFFICE Report To The Chairman, Subcommittee On Economic Goals And Intergovernmental Policy Joint Economic Committee Credit Insurance Disclosure Provisions Of The Truth In Lending Act Consistently Enforced Except When Decisions Appealed GAO found that the five Federal depository institution regulators enforced the credit insurance disclosure re- quirements of the Truth In Lending Act in a generally consistent manner. However, in 16 cases where deposi- tory institutions appealed enforcement remedies pro- posed for violations of the act, the Federal Deposit Insurance Corporation and the National Credit Union Administration departed from the enforcement criteria they and the other Federal regulators agreed upon. The 16 depository institutions were granted enforcement relief from making or offering reimbursements of an estimated $1.2 million to consumers. Consistent enforcement should be achieved in the future through the act which provides precise enforcement remedies for violations on transactions completed after March 31,1982. However, GAO believes that for transac- tions completed prior to April 1, 1982, both agencies should have --developed consistent enforcement policies to deal with appealed and unappealed cases and --adequately informed the Federal Financial Institu- tions Examination Council so that it could consider revising the interagency enforcement criteria. U ak s Iac.~'A I q¢:,, 119860 GAO/GGD-83-3 OCTOBER 25, 1982 SI a3Q S

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