Circular
Regulation Z
April 11, 2002
Circular No. 11435

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

In a press release, the Federal Reserve Board announces revisions to its Regulation Z (Truth in Lending) official staff commentary, which applies and interprets the requirements of the regulation. The 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. The amendments also 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 amendments were published in 67 Federal Register 16980, April 9, 2002, and are now effective.

The Board's notice (pdf - 70kb) is attached.

Questions on this matter may be directed, at this Bank, to Maryann Campbell, Senior Bank Examiner, Legal and Compliance Risk Department.