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Proposed changes to Regulation Z (Truth in Lending)
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On July 23, 2009, the Federal Reserve released proposed sweeping changes to Regulation Z (Truth in Lending) to improve the disclosures consumers receive in connection with closed-end mortgages and home equity lines of credit (HELOCs). These proposed changes come at a time when banks are already working diligently to comply with the recently issued Regulation Z disclosure requirements under the Mortgage Disclosure Improvement Act and the final rules related to higher priced mortgage loans, which become effective October 1, 2009.
The attached provides a summary of the key provisions of the proposal. The comment period on the proposed rules ends on November 27, 2009.