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Xi-icnwceC) June 30, 1995 To the Addressee: The Board of Governors of the Federal Reserve System has issued a correction to the recent amendments to its Regulation Z, "Truth in Lending," regarding reverse mortgage transactions sent to you with our Circular No. 10781, dated May 5, 1995. Enclosed is the text of a notice issued by the Board of Governors on June 7, 1995 correcting two errors that appeared on page 15472 of its earlier Federal Register notice (60 FR 15463). Questions regarding this matter may be directed to our Compliance Examinations Department (Tel. No. 212-720-5914). Circulars Division FEDERAL RESERVE BANK OF NEW YORK Federal Register / Vol. 60, No. 109 / Wednesday, June 7, 1995 / Rules and Regulations home loans bearing rates or fees above a certain percentage or amount and on reverse mortgage transactions. EFFECTIVE DATE: June 7, 1995. Jane Ahrens, Senior Attorney, or Kyung ChoMiller, Sheilah Goodman, or Kurt Schumacher, Staff Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667 or 452-2412; for the hearing impaired only, Dorothea Thompson, Telecommunications Device for the Deaf, at (202) 452-3544. FOR FURTHER INFORMATION CONTACT: REGULATION Z TRUTH IN LENDING --------------------------------------------- SUPPLEMENTARY INFORMATION: irrections to the Amendments Issued Effective March 22, 1995 pliance Optional Until October 1, 1995) Background The regulation that is the subject of the corrections is Regulation Z (12 CFR part 226), which implements the Truth in Lending Act (15 U.S.C. 1601-1666j). The act (TILA) requires creditors to disclose credit terms for consumer transactions. The final rule implemented the Home Ownership and Equity Protection Act of 1994 (HOEPA), contained in the Riegle Community Development and Regulatory Improvement Act of 1994 (Pub. L. 103325, 108 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 implementing new TILA section 129 contains errors which could be confusing and should be clarified. Correction of Publication Accordingly, the publication on March 24,1995, of the final regulation (Docket No. R-0858), which was the subject of FR Doc. 95-7231, is corrected as follows: 12 CFR Part 226 § 226.31 [Regulation Z; Docket No. R-0858] On page 15472, in the first column, in § 226.31, in paragraph (g), in the third line, the phrase “annual percentage yield” is corrected to read “annual percentage rate”. Truth in Lending; Mortgage Disclosures; Correction Board of Governors of the Federal Reserve System. ACTION: Corrections to final regulation. AGENCY: This document contains corrections to the final rule (Docket No. R-0858) which was published Friday, March 24,1995 (60 FR 15463). The amendments to Regulation Z concerned new disclosure requirements on certain SUMMARY: [Ref. Cir. No. 10781] Z-143/95 § 226.32 [Corrected] [Corrected] On page 15472, in the second column, 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”. 29969 By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board, June 1, 1995. William W. Wiles, S e c r e ta r y o f th e B o a rd . IFR Doc. 95-13863 Filed 6-6-95; 8:45 am] - -p ....... billing code 6210 01 ---- -
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