For immediate release

The Federal Reserve Board today announced revisions to its Regulation Z (Truth in Lending) official staff commentary, which applies and interprets the requirements of the regulation. The revisions are effective immediately. Compliance is optional until March 31, 2000. The revisions provide guidance on the prohibition against the issuance of unsolicited credit cards and on calculating payment schedules involving private mortgage insurance. In addition, the update discusses credit sale transactions where downpayments include cash and property used as a trade-in, and adopts several technical amendments. The Board's notice is attached.

Summary only | Summary and final rule (30 KB PDF)

1999 Banking and consumer regulatory policy