Federal Reserve Board Updates Commentaries for Regulations M
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 regulations 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
Attachment (April 6, 1999, Federal Register, Vol. 64, No. 65, pages
16612-16617) HTMLPDF (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