District Circular Letters
April 8, 1999
REGULATION M:
REVISIONS TO OFFICIAL STAFF COMMENTARY
REGULATION Z:
REVISIONS TO OFFICIAL STAFF COMMENTARY
REGULATION BB:
COMMUNITY INVESTMENT ACT
To Member and Nonmember Banks
and Others Concerned
in the Twelfth Federal Reserve District
Final Revision to Official Staff commentary for Regulation M
(Docket
R-1028)
The Federal Reserve Board has announced revisions to its Regulation M
(Consumer Leasing) official staff commentary, which applies and interprets
the requirements of the regulation.
While the revisions are effective immediately, compliance
is optional until March 31, 2000.
The revisions provide guidance on disclosures for lease renegotiations
and extensions, official fees and taxes, multiple-item leases, and advertisements.
Final Revision to Official Staff Commentary for Regulation Z
(Docket
R-1029)
The Federal Reserve Board has announced revisions to its Regulation Z
(Truth in Lending) official staff commentary, which applies and interprets
the requirements of the regulation.
While the revisions are effective immediately, compliance
is optional until March 31, 2000.
The revisions provide guidance on the prohibition against the issuance
of unsolicited credit cards and on calculating payment schedules involving
private mortgage insurance. In addition, the update discusses credit sale
transactions where down payments include cash and property used as a trade-in,
and adopts several technical amendments.
Removal of Statement Regarding Community Reinvestment Act--Regulation
BB (Docket R-0822)
The regulatory agencies are withdrawing their joint statement of policy
entitled "Statement of the Federal Financial Supervisory Agencies Regarding
the Community Reinvestment Act" (the Statement), dated April 5, 1989.
The Statement has become obsolete and provides guidance that is currently
inconsistent with the revised Community Reinvestment Act (CRA) regulations,
which became fully effective on July 1, 1997.
The withdrawal of the Statement is effective April 5, 1999.
Copies
Copies of the Board's notices (Docket
R-1028, Docket
R-1029, and Docket R-0822)
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 4245, 4243,
and 4145, respectively.
Additional Information
For additional information regarding these matters, please contact our
Banking Supervision and Regulation Department, at (415) 974-2977.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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