To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The Board of Governors of the Federal Reserve System has proposed revisions to the Official Staff Commentary to its Regulation Z, Truth in Lending.

The proposed revisions address short-term cash advances commonly called "payday loans" and also include technical revisions.

The text of the Board's proposal, as published in the Federal Register of November 5, is available as a file (pdf - 79kb). Comments should be submitted to the Board, as indicated in the notice, by January 10, 2000.

Questions may be directed, at this Bank, to Janice A. Oser, Examining Officer, Compliance Examinations Department.

Contact:
Public Affairs
(212) 720-6130
general.info@ny.frb.org