District Circular Letters
May 25, 1999
AUTOMATED CLEARING HOUSE:
DEADLINES AND PRICING PRACTICES
REGULATION Z:
REVISED HANDBOOK ON ADJUSTABLE RATE MORTGAGES
To All Depository Institutions
In the Twelfth Federal Reserve District
Proposal to Modify ACH Deposit Deadlines and Pricing Practices
(Docket
R-1037)
The Federal Reserve Board has requested comment on the benefits and drawbacks
of modifying the Federal Reserve Banks' deposit deadlines and pricing practices
for the Automated Clearing House (ACH) transactions that the Reserve Banks
exchange with private-sector ACH operators. These modifications may have
implications for competition in the provision of ACH services, for the efficiency
of the ACH system, and for long-term ACH volume growth.
Comments are requested by August 6, 1999.
Currently, Reserve Banks do not differentiate among private-sector operators,
third-party processors, and depository institutions with respect to the
processing, delivery, and pricing of ACH payments. The Board is interested
in commenters' views regarding the potential implications of ACH pricing
and deposit deadline modifications that would differentiate between private-sector
ACH operators and other ACH participants and processors.
Revised Consumer Handbook on Adjustable Rate Mortgages
The Federal Reserve Board today announced that it has issued a revised edition
of their brochure, Consumer
Handbook on Adjustable Rate Mortgages.
Regulation Z, which implements the Truth in Lending Act, requires creditors
to provide the brochure, or a suitable substitute, to consumers when an
application form is provided or before the consumer pays a nonrefundable
fee.
Creditors may use the earlier version of the brochure until existing supplies
are exhausted.
Copies
Copies of the revised brochure, Consumer
Handbook on Adjustable Rate Mortgages, are available from Publications
Services, Mail Stop 127, Board of Governors of the Federal Reserve System,
Washington, DC 20551. The first 100 copies are free.
Copies of the Board's notice (Docket
R-1037) 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 number
4167.
Additional Information
For additional information regarding these matters, please contact our ACH
Department, at (415) 974-2350 [for the ACH pricing and deadlines proposal],
and (415) 974-2977 [for Regulation Z].
FEDERAL RESERVE BANK OF SAN FRANCISCO
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