|For immediate release|
The Federal Reserve Board today announced revisions to its Regulation Z (Truth in Lending) official staff commentary, which applies and interprets the requirements of the regulation.
The commentary revisions address cash advances commonly called "payday loans." The Board is also publishing technical corrections to the regulation and commentary. The revisions are effective immediately. Compliance is optional until October 1, 2000, when compliance becomes mandatory.
The Board's notice is attached.
2000 Banking and consumer regulatory policy