To: All Member Banks and Others Concerned in the Third Federal Reserve District
Attention: Compliance Officer
Subject: Revisions to Regulation Z Commentary
Summary:
On April 3, 2002, the Federal Reserve Board issued revisions to the official staff commentary to Regulation Z, which implements the Truth in Lending Act. The commentary 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 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. The Board is also publishing technical changes to the regulation and commentary.
Effective Date: The revisions are effective immediately.
Additional Information: A copy of the revisions is attached (121 KB, 8 pages). 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.