12 U.S.C. § 5115: Reports and recommendations to Congress

Not later than 1 year after July 30, 2008 , and annually thereafter, the Director shall submit a report to Congress on the effectiveness of the provisions of this chapter, including legislative recommendations, if any, for strengthening consumer protections, enhancing examination standards, streamlining communication between all stakeholders involved in residential mortgage loan origination and processing, and establishing performance based bonding requirements for mortgage originators or institutions that employ such brokers. Not later than 6 months after July 30, 2008 , the Director shall make recommendations to Congress on legislative reforms to the Real Estate Settlement Procedures Act of 1974 [ 12 U.S.C. 2601 et seq.], that the Director deems appropriate to promote more transparent disclosures, allowing consumers to better shop and compare mortgage loan terms and settlement costs.