Regulatory Alerts2002-11-27
FRB Proposal to Revise Staff Commentary to Regulation Z
The Federal Reserve Board proposes revisions to the official staff commentary of Regulation Z to clarify how creditors must disclose specific credit card fees, including expedited payment and delivery charges. The update also permits card issuers to replace an accepted credit card with multiple renewal or substitute cards on the same account, clarifies how private mortgage insurance premiums are incorporated into closed-end loan payment schedules, and standardizes the use of Treasury constant maturity yields for Home Ownership and Equity Protection Act coverage determinations. Creditors must comply with the updated commentary by October 1, 2003, following a public comment period that closes on January 27, 2003.
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