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Circular Letters

Circular Letter 5647

December 13, 2004

To: All Member Banks and Others Concerned in the Third Federal Reserve District

Attention: Chief Executive Officer and Chief Financial Officer

Subject: TRUTH IN LENDING; REGULATION Z: ADVANCE NOTICE OF PROPOSED RULEMAKING

Summary:

The Board of Governors of the Federal Reserve System has issued for public comment an advance notice of proposed rulemaking (ANPR) announcing a review of the open-end (revolving) credit rules of the Board’s Regulation Z, which implements the Truth in Lending Act.

The Board periodically reviews each of its regulations to update them, if necessary. Open-end credit generally refers to a revolving line of credit (such as a credit card account) where repeated transactions are expected, the available credit is replenished as unpaid balances are repaid, and finance charges are assessed on unpaid balances. The ANPR seeks comment on a variety of specific issues relating to three broad categories: (1) the format of open-end credit disclosures; (2) the content of the disclosures; and (3) the substantive protections provided under the regulation. The ANPR solicits comments on the scope of the review, and also requests commenters to identify other issues that the Board should consider addressing in the review.

The Federal Register notice, published December 8, 2004, is available here PDF Icon (94 KB, 28 pages).

Date: Comments must be received on or before March 28, 2005.

For Further Information: Elizabeth A. Eurgubian, Attorney, Dan S. Sokolov and Krista P. DeLargy, Senior Attorneys, Daniel G. Lonergan and John C. Wood, Counsel, or Jane E. Ahrens, Senior Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667 or 452-2412. For users of Telecommunications Device for the Deaf (TDD) only, please call 202/263-4869.