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Inactive Financial Institution Letters

Consumer Leasing Act And Truth In Lending Act

FIL-35-99
April 13, 1999

 

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Federal Reserve Board Updates Commentaries for Regulations M and Z

The Board of Governors of the Federal Reserve System (FRB) has adopted the attached revisions to its official staff commentaries on Regulations M and Z. These regulations implement the Consumer Leasing Act and the Truth in Lending Act. The revisions took effect March 31, 1999; however, compliance with the revisions is optional until March 31, 2000.

The revisions to the staff commentary on Regulation M provide guidance on disclosing lease renegotiations and extensions; and how to treat official fees and taxes, multiple-item leases and the regulation’s advertising requirements.

The revisions to the staff commentary on Regulation Z provide guidance on issuing unsolicited credit cards; disclosing payment schedules involving private mortgage insurance; and how to make disclosures in credit sales transactions where downpayments include cash and property as a trade-in..

For further information, please contact the following FRB staff members:

  • Regulation M – Kyung Cho-Miller or Obrea Poindexter, Staff Attorneys in the Division of Consumer and Community Affairs, at (202) 452-3667.
  • Regulation Z– James H. Mann or Obrea Poindexter, Staff Attorneys in the Division of Consumer and Community Affairs, at (202) 452-3667 or (202) 452-2412.

You may also contact the following FDIC staff members for more information:

  • Regulation M – Pamela Coxe, Review Examiner in the Division of Compliance and Consumer Affairs, at (202) 942-3087 or e-mail Pcoxe@fdic.gov.
  • Regulation Z– Ken Baebel, Senior Review Examiner, Division of Compliance and Consumer Affairs, at (202) 942-3086 or e-mail Jbaebel@fdic.gov.

If you have any questions, please contact your Division of Supervision regional office. For your reference, all FDIC Financial Institution Letters published since January 1995 may be found on the FDIC's Web site at www.fdic.gov under the "Banking News" category.

 

  Ronald F. Bieker
  Acting Director


Attachment (April 6, 1999, Federal Register, Vol. 64, No. 65, pages 16612-16617)  HTML PDF
(91 Kb - PDF help or hard copy)

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institutions letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room100, Washington, DC 20434 (800-276-6003 or
(703) 562-2200).

Last Updated 07/17/1999 communications@fdic.gov