To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Board of Governors of the Federal Reserve System has announced changes in the Official Staff Commentary to its Regulation Z (Truth in Lending). The changes, effective immediately, relate to cash advances commonly called "payday loans." Compliance, however, is optional until October 1, 2000.
The Board's official notice (pdf - 133kb), as published in the Federal Register of March 31, is available as a file. Questions regarding this matter may be directed, at this Bank, to Janice A. Oser, Examining Officer, Compliance Examinations Department (212-720-8136).