|For immediate release|
The Federal Reserve Board on Wednesday issued revisions to its Regulation Z (Truth in Lending) official staff commentary, which applies and interprets the requirements of the regulation.
The commentary 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 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 is also publishing technical changes to the regulation and commentary.
The revisions are effective immediately.The Board's notice is attached.
2002 Banking and consumer regulatory policy