For immediate release

The Federal Reserve Board today published proposed revisions to the official staff commentary to Regulation Z, Truth in Lending, which applies and interprets the requirements of the regulation. Comment is requested by January 20, 1998. The proposed revisions address: increased rates for credit card accounts caused by late payments or exceeding credit limits; guidance on "same-as-cash" transactions in open-end plans; and guidance for determining whether credit is an open-end plan or a closed-end transaction. In addition, the proposed update to the commentary discusses issues such as the treatment of annuity costs in reverse mortgage transactions and transaction fees imposed on checking accounts with overdraft protection. A copy of the Board's notice is attached.

Summary only | Summary and proposed rule (52 KB PDF)

1997 Banking and consumer regulatory policy