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

Attention: Compliance Officer



On December 7, 2001, the Federal Reserve Board published proposed revisions to the official staff commentary to Regulation Z, which implements the Truth in Lending Act. The proposed revisions clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures in a form the consumer may keep before consummation. In addition, the proposed revisions provide guidance on disclosing costs for certain credit insurance policies and on the definition of "business day" for purposes of the right to rescind certain home-secured loans.

Effective Date: Comment is requested by February 1, 2002.

Comment Requested: Comments on this proposal should refer to Docket No. R-1118 and be mailed to Ms. Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551, or mailed electronically to:

Additional Information: A copy of the proposed revision is attached. For additional information, contact the Regulations Assistance Unit at this Reserve Bank at (215) 574-6568 or David A. Stein, Senior Attorney, or Dan S. Sokolov, Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667 or 452-2412.

Attachments: Looking for Circular Letter 5553, Change in Regulatory Capital Standards.