Sweeping financial services legislation has passed the House and could be taken up by the Senate shortly, although passage of the 2,000-page bill isn't certain. In a short video to help you understand what the bill's impact could be should it pass, NAR Legislative Analyst Tony Hutchinson looks at what the legislation contains and what it doesn't contain. Among other things, a new Consumer Financial Protection Bureau will take over administration of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), although this move by itself won't necessarily change settlement related rules. New oversight requirements of subprime and other exotic mortgage loans aim to reduce the likelihood of future abuses of the kind that helped precipitate the mortgage meltdown while minimizing impact on processing of conventional mortgage financing.  Click http://speakingofrealestate.blogs.realtor.org/2010/07/09/financia/ to watch