District Circular Letters

December 13, 2001

BANKING SUPERVISION AND REGULATION:
PROPOSED REVISIONS TO REGULATION Z

To State Member Banks, Bank
Holding Companies, U.S. Branches
and Agencies of Foreign Banks,
and Others Concerned,
in the Twelfth Federal Reserve District

Request for Comments for Proposed Revisions

The Federal Reserve Board has proposed revisions to the official staff commentary that applies and interprets the requirements of Regulation Z, which implements the Truth in Lending Act.

Comment is requested by February 1, 2002.

The proposed revisions clarify how creditors that place Truth in Lending Act disclosures on the same document with the credit contract may satisfy the requirement for providing the disclosures in a form the consumer may keep before consummation. In addition, the proposed revisions provide guidance on disclosing costs for certain credit insurance policies and on the definition of "business day" for purposes of the right to rescind certain home-secured loans.

Additional Information

All circulars and documents are available on the Internet through the Federal Reserve Bank of San Francisco's Internet site, at http://www.frbsf.org/banking/letters. Paper copies of the Board's notice (Docket R-1118) are available from our Corporate Services Department. To request copies to be sent by mail, please call (415) 974-2060.

For additional information about the proposed revisions, please contact our Banking Supervision and Regulation Department at (415) 974-2967.

FEDERAL RESERVE BANK OF SAN FRANCISCO