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ALTA® Thanks Congress for Opposing HUD issuance of the RESPA Rule

April 19, 2004

2004 Federal Conference Background Material

Attached for your information and review are the Congressional one pagers for Capitol Hill distribution and the background materials for ALT's 2004 Federal Conference.

We are suggesting that you discuss two issues: RESPA, and Interest on Business Checking. A link to the Congressional background information on this issue is included at www.alta.org/educ/fedconf/index.htm

RESPA: As you know, HUD has withdrawn the RESPA rule from consideration. The Office of Management and Budget (OMB) which clears all Federal rules for the Administration, has made several suggestions of issues which HUD should review. Consequently, with respect to RESPA, we have enclosed a draft letter that can be given to members of Congress to send to HUD thanking Secretary Jackson for his action and highlighting our perspective on certain issues.

Interest on Business Checking: Bills repealing the Federal Regulation Q which prohibits banks from paying interest on business checking have passed the House and been introduced in the Senate. ALTA prefers the Senate version, for reasons which are described in the one page description of our goal. The bill language we are seeking is also included.

If you have any questions on either or these issues please contact Ann vom Eigen, Legislative and Regulatory Counsel at 800-787-2582, ext 214.

ALTA also needs to track how many meetings have been requested and/or scheduled. In order to maximize use of the photographer and do appropriate advance work. Please take a moment to fill out this form www.alta.org/educ/fedconf/index.htm and fax it to Charlene Nieman at 1-888-FAX-ALTA (329-2582) by COB on April 13.



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