Circular
Federal Reserve Issues Interim Rule Amending Regulation Z to Clarify Certain Disclosure Requirements of the Mortgage Disclosure Improvement Act
December 22, 2010
Circular No. 12274

The Federal Reserve Board has approved an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). The Board is issuing this interim rule to clarify certain aspects of a September 24, 2010, interim rule, in response to public comments.

The September interim rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) which amended TILA to require mortgage lenders to disclose examples of how a loan's interest rate or monthly payments can change. Those statutory amendments will become effective on January 30, 2011.

Creditors have the option of complying with either the Board's September 2010 interim rule as originally published or as revised by this interim rule until October 1, 2011, at which time compliance with this interim rule will become mandatory.

See press release for full details.

Press release pdf