Circular
Revision of Official Staff Commentary on Regulation Z (Truth in Lending)
March 31, 2003
Circular No. 11508

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

In a press release, the Federal Reserve System issued revisions to the official staff commentary that applies and interprets the requirements of Regulation Z, which implements the Truth in Lending Act.

The commentary revisions discuss the status of certain credit card-related fees and the rules for replacing an accepted credit card with one or more cards.

In addition, the commentary revisions discuss the disclosure of private mortgage insurance premiums and the selection of Treasury security yields for determining whether a mortgage loan is covered by provisions in Regulation Z that implement the Home Ownership and Equity Protection Act.

The revisions are effective April 1, 2003. The date for mandatory compliance is October 1, 2003.

The final rule is attached.

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