Circular
Board Issues for Comment Second Advance Notice of Proposed Rulemaking on Revolving Credit Rules of Regulation Z
October 12, 2005
Circular No. 11741

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

The Federal Reserve Board has issued for public comment a second advance notice of proposed rulemaking (ANPR) concerning the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act (TILA).

The second ANPR solicits public comments on how the Board should implement amendments to TILA made by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Bankruptcy Act).

The amendments principally deal with open-end credit accounts and require new disclosures on periodic statements and on credit card applications and solicitations.

Comments must be received on or before December 16.

Press release OFFSITE
Board's notice  OFFSITE PDF

Contact:
John Ricketti
Vice President
Risk Management
john.ricketti@ny.frb.org
(212) 720-2192