For immediate release

The Federal Reserve Board today issued for comment proposed revisions to its Regulation Z, which carry out changes to the Truth in Lending Act contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996. Comment is requested by February 28, 1997. The revisions would give creditors the option to either disclose a fifteen-year historical example or to give a statement that the periodic payment may substantially increase or decrease, together with a maximum interest rate and payment based on a $10,000 loan. The proposed changes to the regulation apply to variable-rate loans with more than a one-year maturity and secured by the consumer's principal dwelling. The Board's notice is attached.

Summary only | Summary and proposed rule (40 KB PDF)

1997 Banking and consumer regulatory policy