Full text of Federal Reserve Bank of New York Circulars : 9904. Proposed Amendments to Regulation Z

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FEDERAL RESERVE BANK
OF NEW YORK

Circular No.
August 2.

r

]

P R O P O S E D A M E N D M E N T S TO R E G U L A T IO N Z
Extension of Comment Period
To A ll Depository Institutions, and Others Concerned,
in the Second Federal Reserve District:

The Board of Governors of the Federal Reserve System has
extended to August 30, 1985 the comment period on its proposal to
amend Regulation Z, Truth in Lending, to require lenders to provide
more information to consumers about adjustable rate mortgages
(ARMs). The proposal was published in our Circular No. 9863, dated
May 23, 1985.
Printed on the reverse side is the text of the Board’s notice
extending the comment period. Comments on the proposal should be
submitted by August 30, 1985, and may be sent to our Regulations
Division.

E. Gerald C orrigan ,
President.

(Over)

FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Reg» Z; Docket No* R-0545]
Truth i n Lendi ng
Variable Rate Disclosure; Extension of Comment Period
AGENCY:

Board of Governors of the Federal Reserve System

ACTION:

Proposed rule; extension of comment period,

SUMMARY:

By notice published on May 15, 1985 (50 FR 20221), the Board of

Governors requested comment on a proposed amendment to Regulation Z (Truth
in Lending) to provide more information to consumers about the variable rate
feature of adjustable rate mortgages than is currently required.

The proposal

would also eliminate a provision of Regulation Z that currently permits
creditors to substitute the disclosures required by other federal regulations
for the variable rate disclosures required by Regulation Z.
requested on the proposal by July 12, 1985.

Comment was

In order to provide interested

parties additional time in which to present th eir views, the Board i s extending
the comment period.
EFFECTIVE DATE:

The comment period has been extended through August 30, 1985.

FOR FURTHER INFORMATION CONTACT:

Ellen Maland, Section Chief, or Susan M.

Werthan, Senior Attorney, D iv ision of Consumer and Community A f f a i r s , Board
of Governors of the Federal Reserve System, Washington, D.C. 20551, at

(202)452-3867; or Joy W. O’Connell, Telecommunication Device for the Deaf (TDD)
at (202)452-3244,
l i s t of Subjects in 12 CFR Part 226
Advertising; Banks, banking; Consumer protection; Credit; Federal
Reserve System; Finance; Penalties; Truth in lending.
By order of the Board of Governors, acting through i t s Secretary
under delegated authority, July 25, 1985.




(signed) William W. Wiles

William W. Wiles
Secretary of the Board