July 25, 1997

REGULATION B:
EQUAL CREDIT OPPORTUNITY ACT
(FAIR CREDIT REPORTING ACT)

REGULATION Z: TRUTH IN LENDING ACT
REAL ESTATE SETTLEMENT PROCEDURES ACT

To Member and Nonmember Banks
and Others Concerned
in the Twelfth Federal Reserve District

Proposed Amendments to Regulation B (R-0978)

The Federal Reserve Board has issued for public comment proposed amendments to model forms C-1 through C-5 of Regulation B, Equal Credit Opportunity, to reflect statutory changes to the disclosure requirements in the Fair Credit Reporting Act (FCRA). Creditors have the option of providing the FCRA disclosures separately or with the notice of action taken that Regulation B requires.

Comment is requested by August 15, 1997.

Public Forum Regarding Truth in Lending and Real Estate Settlement Procedures Acts (Docket R-0979)

The Federal Reserve Board and the Department of Housing and Urban Development will hold a public forum to give interested parties an opportunity to present their views concerning the streamlining and reform of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).

The public forum will be held on Wednesday, July 30,1997, from 8:15 a.m. until 4:30 p.m. eastern time in Dining Room E on the terrace level of the Federal Reserve Board's Martin Building, located on C Street Northwest between 20th and 21st Streets, in Washington, D.C.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 directs the two agencies to submit legislative recommendations to Congress on how to simplify and improve consumer disclosures under TILA and RESPA if the disclosures cannot be simplified through regulatory change. The two agencies have concluded that meaningful simplification of the disclosures can only come about through statutory revisions.

Interested parties unable to attend the forum or wishing to provide written views on the issues raised in the notice may submit comments by August 15, 1997. Comments may be submitted to either agency.

Copies

Copies of the Board's notices (Docket R-0978 and Docket R-0979) are available from our Corporate Services Department. To request copies to be sent via mail, please call (415) 974-2748. To request copies to be sent via fax, please call (415) 974-3333, and specify document numbers 4163 and 4165, respectively.

Additional Information

For additional information regarding these matters, please contact our Banking Supervision and Regulation Department, at (415) 974-2951 [for Regulation B], and (415) 974-2977 [for Regulation Z].

FEDERAL RESERVE BANK OF SAN FRANCISCO