The Home Ownership and Equity Protection Act of 1994 amended TILA. The law imposed
new disclosure requirements and substantive limitations on certain closed-end mortgage
loans bearing rates or fees above a certain percentage or amount. The law also included new
disclosure requirements to assist consumers in comparing the costs and other material
considerations involved in a reverse mortgage transaction and authorized the Federal
Reserve Board to prohibit specific acts and practices in connection with mortgage
transactions. Regulation Z was amended1 to implement these legislative changes to TILA.