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Federal Reserve Bank OF DALLAS ROBERT AND D. M c T E E R , J R . p re s id e n t CHIEF E X E C U T IV E O FFIC E R Jllly 13, 1992 D ALLAS. TE X A S 75222 Notice 92-58 TO: The Chief Executive Officer of each financial institution in the Eleventh Federal Reserve District SUBJECT Amendments and Corrections to Regulation Z (Truth in Lending) DETAILS The Board of Governors of the Federal Reserve System has published amendments and corrections in slip-sheet form to Regulation Z, effective May 1992. The new slip sheet should be inserted in your Reg ul a tions binder. ENCLOSURE The new slip sheet is enclosed. MORE INFORMATION For more information, please contact Eugene Coy at (214) 744-7480. For additional copies of this B a n k ’s notice and the slip sheet, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Board o f Governors of the Federal Reserve System Amendments and Corrections to Regulation Z Truth in Lending ^ v l a y 1992* 1. Section 226.5a(a)(3) is corrected by adding the words "o f the type" before the words "subject to the requirements o f section 226.5b". 2. Section 226.5a(g)(2) is corrected by deleting "and is figured in the same way as the first balance" from the last sentences o f subpara graphs (i) and (ii). 3. Effective September 19, 1990, section 226.5b(f)(3) is amended by deleting subpar agraph (vi)(G) and revising subparagraph (i) to read as follows: (i) Provide in the initial agreement that it may prohibit additional extensions of credit or reduce the credit limit during any period in which the maximum annual percentage rate is reached. A creditor also may provide in the initial agreement that specified changes will occur if a specified event takes place (for example, that the annual percentage rate will increase a specified amount if the consumer leaves the credi tor's employment). 4. Effective September 19, 1990, section 226.9(c)(3) is amended to read as follows: (3) Notice fo r home-equity plans. If a credi tor prohibits additional extensions of credit or reduces the credit limit applicable to a home-equity plan pursuant to section 226.5b(f)( 3 ) (i) or 226.5b(f)(3)(vi), the creditor shall mail or deliver written notice of the action to each consumer who will be affected. The notice must be provided not later than three business days after the ac • A com plete Regulation Z, as am ended and corrected effective M ay 13, 1992, consists of— • the pam phlet dated July 1989 (see inside cover) and • this slip sheet. tion is taken and shall contain specific rea sons for the action. If the creditor requires the consumer to request reinstatement of credit privileges, the notice also shall state that fact. 5. Section 226.9(e)(1) and (f)(1) are corrected by adding the words "o f the type" before the words "subject to section 226.5a". 6. Effective September 19, 1990, appendix G-14C is removed. 7. Appendix I is amended, effective October 8, 1991, and M ay 13, 1992, by revising the in troductory paragraph and the first fo u r en tries to read as follows: A P P E N D I X I— F ed eral E n fo rcem ent Agencies The following list indicates which federal agency enforces Regulation Z for particular classes of businesses. Any questions con cerning compliance by a particular business should be directed to the appropriate en forcement agency. Terms that are not de fined in the Federal Deposit Insurance Act (12 USC 1813Cs)) shall have the meaning given to them in the International Banking Act of 1978 (12 USC 3101). National banks and federal branches and federal agencies o f foreign banks District office of the Office of the Comptrol ler of the Currency for the district in which the institution is located. State member banks, branches and agencies o f foreign banks (other than federal branch es, federal agencies, and insured state branches o f foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A o f the Federal R e serve Act 1 Regulation Z Federal Reserve Bank serving the District in which the institution is located. Nonmember insured banks and insured state branches offoreign banks Federal Deposit Insurance Corporation re gional director for the region in which the institution is located. Savings institutions insured under the Sav ings Association Insurance Fund o f the FD1C and federally chartered savings banks insured under the Bank Insurance Fund o f the FDIC (but not including state-chartered savings banks insured under the B ank In surance Fund). Office of Thrift Supervision regional direc tor for the region in which the institution is located. * * • » * TRUTH IN L E N D IN G ACT 8. Effective December 19, 1991, section 108(a)(1), (2), and (4) o f the Truth in Lend ing Act is amended to read as follows: S E C T IO N 108— A d m in istrativ e Enforcement (a) Compliance with the requirements im posed under this title shall be enforced under (1) section 8 of the Federal Deposit In surance Act, in the case of— (A ) national banks, and Federal branches and Federal agencies of for eign banks, by the Office of the Comp-| troller of the Currency; ’ (B) member banks of the Federal Re serve System (other than national banks), branches and agencies of for eign banks (other than Federal branches, Federal agencies, and in sured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and or ganizations operating under section 25 or 25A of the Federal Reserve Act, by the Board; and (C ) banks insured by the Federal De posit Insurance Corporation (other than members of the Federal Reserve System) and insured State branches of foreign banks, by the Board of Direc tors of the Federal Deposit Insurance Corporation. (2) section 8 of the Federal Deposit In surance Act, by the Director of the Office of Thrift Supervision, in the case of a sav ings association the deposits of which are insured by the Federal Deposit Insurance Corporation. * * * * * (4) the Federal Aviation Act of 1958, by| the Civil Aeronautics Board with respect to any air carrier or foreign air carrier subject to that Act.
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