District Circular Letter

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• District Circular Letters Index

March 20, 1998

REGULATIONS B and C:

COMPREHENSIVE REVIEW OF REGULATIONS

REGULATION E:

ELECTRONIC DISCLOSURES
INVESTIGATING DEBIT CARD ERRORS

REGULATIONS B, M, Z, and DD:

ELECTRONIC DISCLOSURES

To Member and Nonmember Banks,
Bank Holding Companies, and Others Concerned
in the Twelfth Federal Reserve District

Request for Comment Regarding Review of Regulations (Dockets R-1001 and R-1008) (PDFs)

The Federal Reserve Board is requesting comment on a comprehensive review of two of its consumer protection regulations--Regulation B, Equal Credit Opportunity, and Regulation C, Home Mortgage Disclosure.

Comment is requested by May 29, 1998.

Under the Board's Regulatory Planning and Review Program, the review will seek to clarify, simplify, and update both regulations, as well as reduce regulatory burden.

Interim Rule and Request for Comment Regarding Electronic Disclosure Delivery (Docket R-1002) (PDF)

The Board has published an interim rule to its Regulation E, Electronic Fund Transfers, that permits depository institutions to deliver disclosures electronically if the consumer agrees. This interim rule became effective March 20, 1998.

The Board is also requesting comment on this interim rule. Comment is requested by May 15, 1998.

The interim rule is similar to a proposed rule that the Board published in May 1996, except that institutions need not provide paper copies of disclosures delivered electronically. Electronic disclosures remain subject to timing, format, and other requirements of the regulation.

Proposed Amendment Regarding Investigating of Errors Involving Debit Cards (Docket R-1007) (PDF)

The Board has published a proposed amendment to Regulation E that would reduce the time period for investigating errors that involve debit cards used in point-of-sale and foreign transactions.

Comment is requested by May 15, 1998.

Proposed Amendments Permitting Electronic Disclosures (Dockets R-1003 through R-1006)

The Board is requesting public comment on a proposal to permit the electronic delivery of disclosures for four of its consumer protection regulations.

Comment is requested by May 15, 1998.

The regulations affected are Regulation B, Equal Credit Opportunity (Docket R-1006) (PDF); Regulation M, Consumer Leasing (Docket R-1004) (PDF); Regulation Z, Truth in Lending (Docket R-1005) (PDF); and Regulation DD, Truth in Savings (Docket R-1003) (PDF).

These proposals to permit electronic disclosures correspond in approach to the Board's interim rule amending Regulation E, Electronic Fund Transfers (Docket R-1002--see above).

The Board is requesting comment on proposed technical amendments to Regulations M and DD.

Copies

Copies of the Board's notices (Dockets R-1001 through R-1008) 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 the appropriate document numbers, as follows:

Additional Information

For additional information regarding these matters, please contact our Banking Supervision and Regulation Department, at (415) 974-2977 [for Regulation B], (415) 974-2967 [for Regulations C, E, M, and Z], and (415) 974-2966 [for Regulation DD].

FEDERAL RESERVE BANK OF SAN FRANCISCO