Circular
Regulation Z - Truth in Lending
April 16, 1997
Circular No. 10943

Comments Invited, by June 30, on Possible Legislative Recommendations

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 announced that it is seeking additional public comment on possible legislative changes to the Truth in Lending Act (TILA).

Comment is requested by June 30, 1997.

In December 1996, the Board joined with the Department of Housing and Urban Development in publishing an advance notice of proposed rulemaking to consolidate disclosures given in home mortgage transactions subject to both TILA and the Real Estate Settlement Procedures Act (RESPA). After consideration of the comments, the Board has determined that to achieve the goals of the Congress, legislative changes are necessary to harmonize TILA and RESPA. Thus, the Board is publishing this notice to invite additional public comment on possible legislative action.

The text of the Board's request for comments, as published in the Federal Register of April 2, 1997 is available as a (pdf) file. Comments should be submitted to the Board, as specified in the notice, by June 30, 1997.