Fed · other · Published 2010-09-24 · Effective 2010-10-25 · 75 FR 58470
Document
Document number
2010-20663
Federal Register citation
75 FR 58470
CFR reference
12 CFR 226
Type
Rule
Action
Interim rule; request for public comment.
Category
other
Agency
US Federal Reserve System
Publication date
2010-09-24
Effective date
2010-10-25
Docket
Docket No. R-1366
Abstract
The Board is publishing for comment an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). The interim rule implements certain requirements of the Mortgage Disclosure Improvement Act of 2008, which amended TILA. The amendments and this interim rule require creditors extending consumer credit secured by real property or a dwelling to disclose certain summary information about interest rates and payment changes, in a tabular format, as well as a statement that consumers are not guaranteed to be able to refinance their transactions in the future. The interest rate and payment summary tables replace the payment schedule previously required as part of the TILA disclosure for mortgage transactions. Disclosures for non-mortgage, closed-end consumer credit will continue to include the current payment schedule.