For immediate release

The Federal Reserve Board on Friday published proposed revisions to the official staff commentary that applies and interprets the requirements of Regulation Z, which implements the Truth in Lending Act. Comment is requested by February 1, 2002. 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. The Board's notice is attached. Attachment (45 KB PDF)

2001 Banking and consumer regulatory policy