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

Attention: Compliance Officer



On November 26, the Federal Reserve Board published proposed revisions to the official staff commentary that interprets the requirements of Regulation Z, which implements the Truth in Lending Act. The proposed update discusses the status of certain credit card-related fees and the rules for replacing an accepted credit card with one or more cards. In addition, the proposed revisions discuss the treatment of private mortgage insurance payments in disclosing the payment schedule and the selection of Treasury security yields for the purpose of determining whether a mortgage loan is covered by Regulation Z provisions that implement the Home Ownership and Equity Protection Act.

Comment Requested: Comments must be received on or before January 27, 2003. Comments should refer to Docket No. R-1136 and should be mailed to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, D.C. 20551, or mailed electronically to

Additional Information: A copy of the proposed revisions is attached (36 KB, 13 pages). For additional information, contact the Regulations Assistance Unit at this Reserve Bank at (215) 574-6568 or Krista P. DeLargy or Dan S. Sokolov, Attorneys, or Daniel G. Lonergan, Counsel, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667 or 452-2412.


Attachment2  (27 KB, 9 pages)
Attachment3 (14 KB, 4 pages)