On July 14, 2008, the Federal Reserve Board of Governors issued a final rule amending Regulation Z (Truth in Lending) to enhance consumer protection and foster responsible lending.  The final rule establishes numerous requirements which include: prohibition against unfair, abusive or deceptive home mortgage lending practices; new advertising standards; and requirements that certain mortgage disclosures need to be given to the consumer earlier in the transaction.  Compliance with the new rules, except for those governing escrow requirements, is mandatory for all applications received on or after October 1, 2009.  To view the press release, click here.