Proposed Revisions to Official Staff Commentary
Comments Due January 6, 1997
To All Depository Institutions, and Others
Concerned, in the Second Federal Reserve District:
The following is from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has requested public comment on proposed revisions to the official staff commentary to its Truth in Lending Regulation Z.
Comment should be received by January 6, 1997.
In large measure, the proposed revisions incorporate supplemental information arising from the Board's rulemaking to implement the Truth in Lending Act Amendments of 1995.
The proposed revisions provide guidance on the treatment of some fees paid in connection with mortgage loans and tolerances for accuracy in disclosing the finance charge and other costs. They also discuss such issues as the treatment of debt cancellation agreements and duties of creditors that provide periodic statements electronically.
The text of the Board's official notice in this matter, as published in the Federal Register of November 27. Comments thereon should be submitted by January 6, 1997, and may be sent to the Board, as specified in the notice, or to the Compliance Examinations Department at the Federal Reserve Bank of New York.