Interim Final Rules for Electronic Delivery of Federally Mandated Disclosures Under Five Consumer Protection Regulations
Effective March 30; Comments due June 1;
Compliance mandatory October 1
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release dated March 29, the Federal Reserve Board announced the publication of interim final rules to establish uniform standards for the electronic delivery of federally mandated disclosures under five consumer protection regulations: Consumer Leasing (Regulation M), Truth in Lending (Regulation Z), Equal Credit Opportunity (Regulation B), Electronic Fund Transfers (Regulation E), and Truth in Savings (Regulation DD). (See our prior circulars on this matter: Circular No. 11041, dated April 1, 1998; and Circular No. 11184, dated September 20, 1999.)
The rules are being published as interim rules - effective March 30, 2001, but with compliance optional until October 1, 2001 - to allow commenters to present views not previously considered in the context of the Board's 1999 proposals. Comments may be submitted by June 1, 2001, to the Board, as specified in the official notices.
The official notices of the rules for Regulation M (pdf - 66kb) and for Regulation Z (pdf - 88kb) were published in the Federal Register of March 30, 2001, and the official notices of the rules for Regulation B (pdf - 65kb), for Regulation E (pdf - 75kb), and for Regulation DD (pdf - 73kb) were published in the Federal Register of April 4, 2001.
Questions on these matters may be directed, at this Bank, to Janice A. Oser, Bank Supervision Officer, Legal and Compliance Risk Department.