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Circular Letters

Circular Letter 5588

May 2, 2003

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

Attention: Chief Executive Officer and Chief Financial Officer



This final rule revises the official staff commentary to Regulation Z, which implements the Truth in Lending Act. The commentary interprets the requirements of Regulation Z. The revisions state the rules for disclosing fees to expedite a payment or delivery of a card. The revisions interpret the rules for replacing an accepted credit card to permit an issuer, under certain conditions, to replace an accepted card with more than one card. The revisions also discuss the treatment of private mortgage insurance payments in disclosing the payment schedule and the selection of Treasury security yields for determining whether a mortgage loan is covered by provisions in Regulation Z that implement the Home Ownership and Equity Protection Act.

A copy of the final rule is attached PDF Icon (40 KB, 15 pages). It was printed in the Federal Register for April 3, 2003.

Dates: Effective April 1, 2003; the date for mandatory compliance is October 1, 2003.

For Further Information: John Fields, Supervising Examiner, or Constance H. Wallgren, Manager, Consumer Compliance Examination Unit, Regulations Assistance Section, Supervision, Regulation and Credit Department, Federal Reserve Bank of Philadelphia, at (215) 574-7500; for users of Telecommunications Device for the Deaf ("TDD") only, contact the Board of Governors at (202) 263-4869.