The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F ederal Reserve b ank of Dallas DALLAS, TEXAS 75222 Circular No. 71-238 October 8, 1971 AMENDMENT AND PROPOSED AMENDMENT TO REGULATION Z (Adding Columbus Day as a holiday for purposes of rescission and proposes to omit any variance in terms as a result of leap year) To All Banks, Other Creditors, and Others Concerned in the Eleventh Federal Reserve District: The Board of Governors of the Federal Reserve System announced effective October 1, 1971? an amendment to footnote lU in section 226.9(a) of Regulation Z by adding Columbus Day as a holiday for purposes of calculating the time in -which certain credit transactions may be rescinded. In a separate action, the Board proposed an amendment to section 226.6 of Regulation Z which would add a new paragraph (l) to that section which would permit creditors to ignore any variance in terms which occurs as a result of leap year. Interested parties who wish to comment on the proposal should submit their views in writing to the Secretary, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, to reach the Board no later than November 15, 1971. Enclosed are copies of the amendment and the Board’s press release and proposed amendment. Refer to the reverse side for information regarding the materials which constitute a current version of Regulation Z. Yours very truly, P. E. Coldwell President Enclosures This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Current Version of Regulation Z (1) The Regulation reprint of 9-H-693 dated 7-1-69. (2) The pamphlet of amendments and interpretations through 7-31-70. (3 ) The amendment to the Truth-in-Lending Act of 10-26-70, Credit Cards. (k) Pamphlet of amendments, date March, 1971. Any inquiries concerning information on materials re garding Regulation Z should he directed to the Regulations Department of the Federal Reserve Bank. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM TRUTH IN LENDING A M E N D M E N T TO REGULATION Z Effective October 1, 1971, footnote 14 to section 226.9(a) of Regulation Z is amended to read as follow s: SECTION 226.9— RIGHT TO RESCIND CERTAIN TRANSACTIONS * * * * * 14For the purpose of this section, a business day is any calendar day except Sunday and those legal public holidays specified in Section 61 03(a ) of Title 5 of the United States Code (N ew Year’s Day, Washington’s Birthday, M e morial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas D a y ). FEDERAL LSi’ f, RESERVE r e l e a s e For immediate r e le a s e October 1, 1971 The Board o f Governors o f the Federal Reserve System today proposed an amendment to i t s Truth in Lending R egulation that would permit c r e d ito r s in making d is c lo s u r e s to disregard any variance in c r e d it terms which would occur as the r e s u lt of leap y ea r. Comments should be submitted to the Board by November 15, 1971. A copy of the proposal i s attach ed . -0 -
@FedFRASER