Consumer Leasing; Truth in Lending
December 9, 1998
Circular No. 11116

Proposed Revisions to Official Staff Commentaries

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

The Board of Governors of the Federal Reserve System has published proposed revisions to its official staff commentaries that apply and interpret the requirements of Regulation M (Consumer Leasing) and Regulation Z (Truth in Lending), respectively.

The proposed revisions to the commentary on Regulation M provide guidance on disclosures for lease advertisements, multiple-item leases, renegotiations and extensions, and estimates of official fees and taxes. The proposed revisions to the Regulation Z commentary address the issuance of unsolicited multifunction credit cards, credit sales involving trade-ins, and payment schedules that include private mortgage insurance.

The Board's official notices, as published in the Federal Register of December 7, 1998, is available as a file (pdf - 113kb). Comments should be submitted to the Board, as specified in the notices, by January 22, 1999.