To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve Board issued revisions to Regulation Z, which implements the Truth in Lending Act, and to the official staff commentary that applies and interprets the requirements of the regulation.
Revisions to Regulation Z add an interpretative rule of construction to clarify that where the word "amount" is used in the regulation to describe disclosure requirements, it refers to a numerical amount.
Revisions to the staff commentary provide guidance on consumers' exercise of rescission rights for certain home-secured loans.
The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
Legal and Compliance Risk Department