FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Regulation Z; Docket No. R-1029] Truth in Lending AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule; official staff interpretation. SUMMARY: The Board is publishing revisions to the official staff commentary to Regulation Z (Truth in Lending). The commentary applies and interprets the requirements of the regulation. The update addresses the prohibition against the issuance of unsolicited credit cards. It provides guidance on calculating payment schedules involving private mortgage insurance. In addition, the update discusses credit sale transactions where downpayments include cash and property used as a trade-in, and adopts some technical amendments. DATES: This rule is effective March 31, 1999. Compliance is optional until March 31, 2000. FOR FURTHER INFORMATION CONTACT: James H. Mann or Obrea O. Poindexter (open-end credit), or Michael L. Hentrel or Kathleen C. Ryan (closed-end credit), Staff Attorneys; 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, Diane Jenkins at (202) 452-3544.

Summary and final rule (30 KB PDF)

1999 Banking and consumer regulatory policy