To: All Member Banks and Others Concerned in the Third Federal Reserve District
Attention: Chief Executive Officer and Chief Compliance Officer
Subject: TRUTH IN LENDING (REGULATION Z): FINAL RULE
Summary:
The Board of Governors of the Federal Reserve System has issued revisions to Regulation Z, which implements the Truth in Lending Act, and to the official staff commentary that applies and interprets the requirements of the regulation.
Regulation Z is revised to add an interpretative rule of construction to clarify that where the word “amount” is used in the regulation to describe disclosure requirements, it refers to a numerical amount. In addition, revisions to the staff commentary provide guidance on consumers’ exercise of rescission rights for certain home-secured loans.
The Board is also publishing several technical revisions to the commentary.
The Federal Register notice, published March 31, 2004, is available here (239 KB, 15 pages).
Date: The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
For Further Information: Elizabeth A. Eurgubian, Attorney, and Krista P. DeLargy, Senior Attorney, 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, contact (202) 263-4869.