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Federal Reserve Bank OF DALLAS ROBERT D. M C T E E R , J R . DALLAS, TEXAS 75265 -5 9 0 6 P R E S ID E N T AND C H IE F E X E C U T IV E O F F IC E R June 23, 1995 Notice 95-58 TO: The Chief Executive Officer of each member bank and others concerned in the Eleventh Federal Reserve District SUBJECT Corrections to the Final Rule to Regulation Z (Truth in Lending) DETAILS The Board of Governors of the Federal Reserve System has issued correc tions to the final rule amending Regulation Z (Truth in Lending), which was published in this Bank’s Notice No. 95-36. That final rule concerned new disclosure requirements for certain home loans bearing rates or fees above a certain percentage or amount and on reverse mortgage transactions. The corrections to the amendments were effective June 7, 1995. ATTACHMENT A copy of the Board’s notice as it appears on page 29969, Vol. 60, No. 109, of the Federal Register dated June 7, 1995, is printed on the reverse of this Bank’s notice. MORE INFORMATION For more information, please contact Eugene Coy at (214) 922-6201. For additional copies of this Bank’s notice, 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; E l 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) Federal Register / Vol. 60, No. 109 / Wednesday, June 7, 1995 / Rules and Regulations 29969 home loans bearing rates or fees above a certain percentage or amount and on reverse mortgage transactions. By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board, June 1 ,1 9 9 5 . W illia m W . W ile s, EFFECTIVE DATE: June 7, 1995. Secretary o f the Board. FOR FURTHER INFORMATION CONTACT: Jane [FR Doc. 9 5 -1 3 8 6 3 Filed 6 - 6 - 9 5 ; 8 :4 5 am] Ahrens, Sen ior Attorney, or Kyung ChoM iller, Sheilah Goodman, or Kurt Schum acher, S taff Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System , at (202) 4 5 2 -3 6 6 7 or 4 5 2 -2 4 1 2 ; for the hearing impaired on ly, Dorothea Thom pson, Telecom m unications Device for the Deaf, at (202) 4 5 2 -3 5 4 4 . BILLING CO D E 6210-01 -P SUPPLEMENTARY INFORMATION: Background The regulation that is the subject of the corrections is Regulation Z (12 CFR part 226), w hich im plem ents the Truth in Lending Act (15 U.S.C. 1 6 0 1 -1 6 6 6 j). The act (TILA) requires creditors to disclose credit terms for consum er transactions. T he final rule implem ented the Home Ownership and Equity Protection Act of 1994 (HOEPA), contained in the Riegle Community Development and Regulatory Improvement Act of 1994 (Pub. L. 1 0 3 3 2 5 ,1 0 8 Stat. 2160). Section 152 of the HOEPA adds a new section 129 to the TILA dealing with certain mortgages bearing rates or fees above a certain percentage or amount. Need for Correction As published, the final rule im plem enting new TILA section 129 contains errors w hich could be confusing and should be clarified. Correction of Publication A ccordingly, the publication on M arch 24, 1995, o f the final regulation (Docket No. R -0 8 5 8 ), w hich was the subject o f F R D o c. 9 5 -7 2 3 1 , is corrected as follows: § 226.31 [Regulation Z; Docket No. R-0858] Truth in Lending; Mortgage Disclosures; Correction Board of Governors of the Federal Reserve System. ACTION: Corrections to final regulation. AGENCY: SUMMARY: T h is docum ent contains corrections to the final rule (Docket No. R -0 8 5 8 ) w hich was published Friday, M arch 2 4 ,1 9 9 5 (60 FR 15463). The amendments to Regulation Z concerned new disclosure requirements on certain [Corrected] On pa'ge 15472, in the first colum n, in § 226.31, in paragraph (g), in the third line, the phrase “ annual percentage y ield ” is corrected to read “annual percentage rate” . §226.32 [Corrected] O n page 15472, in the second colum n, in § 226.32, in paragraph (b )(l)(iii), in the first and second lines, the phrase “required to be disclosed under” is corrected to read “ listed in ”
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