Circular
Regulation Z - Truth in Lending
May 9, 1997
Circular No. 10950

Public Hearings and Request for Comments

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 will hold three public hearings in June to examine the effect of Truth in Lending Act provisions enacted in 1994 on the home equity loan market.

    The hearings will be held at the following times and locations:

    • Tuesday, June 3, at the Los Angeles branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, beginning at 8:15 a.m., PDT.
    • Thursday, June 5, at the Federal Reserve Bank of Atlanta, 104 Marietta Street, Atlanta, beginning at 8:15 a.m., EDT.
    • Tuesday, June 17, at the Federal Reserve Board's Martin Building, 20th & C Streets, NW, Washington, DC, beginning at 8:15 a.m., EDT.

    The Federal Reserve will host these hearings as part of its directive under provisions of the Home Ownership Equity Protection Act. The Board will also use the hearings to examine Truth in Lending issues, primarily on how the finance charge could more accurately reflect the cost of consumer credit. In the Truth in Lending Act Amendments of 1995, the Congress asked the Board to study the finance charge issue. The Board submitted a preliminary analysis to Congress last year, and the hearings will assist in further deliberations.

The text of the Board's official notice announcing the public hearings and request for comments, as published in the Federal Register of April 29 is available as a (pdf) file. Comments should be submitted to the Board, as specified in the notice, by July 18, 1997.