Truth In Lending - Circulars - FEDERAL RESERVE BANK of NEW YORK

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Circular

Truth In Lending

June 3, 1996

Circular No. 10851

Proposed Revisions to Regulation Z

Comments Requested by June 24

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

The following statement was issued by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board has requested comment on proposed revisions to its Regulation Z, Truth in Lending. Comment is requested by June 24.

The proposed revisions would incorporate changes made by the Truth in Lending Act Amendments of 1995 that limit lenders' liability for disclosure errors in real estate-secured loans consummated after September 30, 1995. Specifically, the revisions would:

- clarify how lenders must disclose certain fees connected with mortgage loans;

- include in the finance charge all mortgage broker fees paid by a consumer;

- establish several new tolerances for accuracy in disclosing the amount of the finance charge and annual percentage rate.

In addition, the Board is proposing to revise Regulation Z to establish new disclosure rules for debt cancellation contracts that would be similar to the rules for credit insurance.

The text of the Board's official notice in this matter, as published in the Federal Register of May 24. Comments thereon should be submitted by June 24, 1996, and may be sent to the Board, as specified in the notice, or to our Compliance Examinations Department.

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