For immediate release

The Federal Reserve Board today published its annual update to the official staff commentary to Regulation Z, Truth in Lending. The revisions are effective October 1, 1997, and compliance is optional prior to that date. The revisions provide guidance on the treatment of some fees paid in connection with mortgage loans and tolerances for accuracy in disclosing the finance charge and other costs. They also discuss such issues as the treatment of debt cancellation agreements and duties of creditors that provide periodic statements electronically. A copy of the Board's notice is attached.

Summary only | Summary and final rule (53 KB PDF)

1997 Banking and consumer regulatory policy