Changes in Official Staff Commentary
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has published its annual update to the official staff commentary to Regulation Z, Truth in Lending. The revisions are effective October 1, 1997, and compliance is optional prior to that date.
The revisions provide guidance on the treatment of some fees paid in connection with mortgage loans and tolerances for accuracy in disclosing the finance charge and other costs. They also discuss such issues as the treatment of debt cancellation agreements and duties of creditors that provide periodic statements electronically.
The changes in the Official Staff Commentary, as published in the Federal Register of March 6, 1997 is available as a (pdf) file. Questions on this matter may be directed to our Compliance Examinations Department (Tel. No. 212-720-5914).