Release Date: December 3, 2004
For immediate release
The Federal Reserve Board on Friday issued for public comment an advance notice of proposed rulemaking (ANPR) announcing a review of the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act.
The Board periodically reviews each of its regulations to update them, if necessary.
Open-end credit generally refers to a revolving line of credit (such as a credit card account) where repeated transactions are expected, the available credit is replenished as unpaid balances are repaid, and finance charges are assessed on unpaid balances. The ANPR seeks comment on a variety of specific issues relating to three broad categories: (1) the format of open-end credit disclosures; (2) the content of the disclosures; and (3) the substantive protections provided under the regulation. The ANPR solicits comments on the scope of the review, and also requests commenters to identify other issues that the Board should consider addressing in the review.
The Board's notice is attached. Comments must be received on or before March 28, 2005.
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Last update: December 3, 2004