Uniform Disclosure Standards Proposed for Consumer Protection Regulations
December 1, 2003
Circular No. 11556

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

In a press release, the Federal Reserve Board proposed rules to establish more uniform standards for providing disclosures under five consumer protection regulations: B (Equal Credit Opportunity); E (Electronic Fund Transfers); M (Consumer Leasing); Z (Truth in Lending); and DD (Truth in Savings).

The uniform standard, and defining more specifically the standard for providing disclosures, is intended to help ensure that consumers receive noticeable and understandable information that is required by law in connection with obtaining consumer financial products and services. Additionally, consistency among the regulations will facilitate compliance by institutions. The proposed rules will provide more specific definitions for various regulations and include examples of how to meet the standard.

The Board is also proposing additional amendments to Regulation Z and the staff commentary that interprets and implements the regulation. Proposed updates to the staff commentary provide guidance on consumers' exercise of rescission rights for certain home-secured loans. The proposal also includes several technical revisions to the staff commentary.

The Board's Federal Register notices are attached. Comment on the proposed rules is requested by January 30, 2004.

Press release OFFSITE
Federal Register notice (Regulation B) PDF
Federal Register notice (Regulation E) PDF
Federal Register notice (Regulation M) PDF
Federal Register notice (Regulation Z) PDF
Federal Register notice (Regulation DD) PDF

Maryann Campbell
Supervising Examiner
Consumer Compliance and Complaints