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Inactive Financial Institution Letters 

Truth in Lending Act

April 14, 1998


SUBJECT: Revised Federal Reserve Board Staff
Commentary on the Truth in Lending Act

The Board of Governors of the Federal Reserve System (FRB) has approved the attached revisions and updates to the staff commentary for Regulation Z, which implements the Truth in Lending Act. The staff commentary applies and interprets the requirements of Regulation Z.

The revisions became effective on March 31, 1998. Compliance is optional until October 1, 1998.

The revisions provide guidance to creditors on such topics as the treatment of annuity costs in reverse mortgage transactions and transaction fees imposed on checking accounts with overdraft protection. The amendments also include guidance on disclosures involving insurance and debt cancellation coverage.

For further information, please contact one of the following from the FRB's Division of Consumer and Community Affairs at (202) 452-3667 or (202) 452-2412:

  • Jane Aherns, Senior Attorney
  • James Michaels, Senior Attorney
  • Obrea Poindexter, Staff Attorney
  • Michael Hentrel, Staff Attorney

You may also contact at the FDIC:

  • Ken Baebel, Senior Review Examiner in the Division of Compliance and Consumer Affairs, at (202) 942-3086 (e-mail or
  • Andrea Winkler, Counsel in the Legal Division, at (202) 898-3727 (e-mail

Carmen J. Sullivan

Attachment: Federal Register, April 6 Fed. Reg., pages 16669-16678 Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 (800-276-6003 or (703) 562-2200).

Last Updated 03/21/2007

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