Regulation Z - Truth in Lending
Comments Requested on Review of Open-end Credit Rules
December 6, 2004
Circular No. 11665

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

The Federal Reserve Board published for public comment an advance notice of proposed rulemaking (ANPR) to commence a review of the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act.

Comments are due March 28, 2005.
The Board periodically reviews each of its regulations to update them, if necessary.

Open-end credit generally refers to a revolving line of credit (such as a credit card account) where repeated transactions are expected, the available credit is replenished as unpaid balances are repaid, and finance charges are assessed on unpaid balances.

The ANPR seeks comment on a variety of specific issues relating to three broad categories: (1) the format of open-end credit disclosures; (2) the content of the disclosures; and (3) the substantive protections provided under the regulation. The ANPR solicits comments on the scope of the review, and also requests commenters to identify other issues that the Board should consider addressing in the review.

Details on how to file comments are available in Board’s notice. 

Press release OFFSITE
Board’s notice OFFSITE PDF
Federal Register notice OFFSITE PDF

Maryann Campbell
Supervising Examiner
Legal and Compliance Risk Department

William L. Rutledge
Executive Vice President