Circular
Withdrawal of Proposed Revisions to Define “Clear and Conspicuous” Disclosures
June 23, 2004
Circular No. 11613

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

In a press release, the Federal Reserve Board withdrew proposed revisions to Regulation B (Equal Credit Opportunity), Regulation E (Electronic Fund Transfers), Regulation M (Consumer Leasing), Regulation Z (Truth in Lending), and Regulation DD (Truth in Savings). The proposed revisions, published in December 2003, sought to define more specifically the standard for providing "clear and conspicuous" disclosures, and to provide a more uniform standard among the Board's regulations.

The proposed revisions were also intended to help ensure that consumers receive noticeable and understandable information that is required by law in connection with obtaining consumer financial products and services.

In response to concerns raised by commenters, the Board has determined that this goal should be achieved by developing proposals that focus on improving the effectiveness of individual disclosures rather than the adoption of general definitions and standards applicable across the five regulations.

This effort will be undertaken in connection with the Board's periodic review of its regulations; an advance notice of proposed rulemaking is expected to be issued later this year under Regulation Z, focused on disclosures for open-end credit accounts. These approaches will also help inform the Board's review of individual disclosures.

Press release OFFSITE
Board’s notice OFFSITE PDF
Circular No. 11556 ››
Regulation B OFFSITE
Regulation E OFFSITE
Regulation M OFFSITE
Regulation Z OFFSITE
Regulation DD OFFSITE

Contact:
Maryann Campbell
Supervising Examiner
Legal and Compliance Risk Department
maryann.campbell@ny.frb.org