Monday, 

December 20, 2010 

Part XXI 

Federal Reserve 

System 

Semiannual Regulatory Agenda 


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79926 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

FEDERAL RESERVE SYSTEM (FRS) 

FEDERAL RESERVE SYSTEM 

12 CFR Ch. II 

Semiannual Regulatory Flexibility 

Agenda 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Semiannual regulatory agenda. 

SUMMARY: The Board is issuing this 

agenda under the Regulatory Flexibility 

Act and the Board’s Statement of Policy 

Regarding Expanded Rulemaking 

Procedures. The Board anticipates 

having under consideration regulatory 

matters as indicated below during the 

period November 1, 2010, through April 

30, 2011. The next agenda will be 

published in spring 2011. 

DATES: Comments about the form or 

content of the agenda may be submitted 

any time during the next six months. 

ADDRESS: Comments should be 

addressed to Jennifer J. Johnson, 

Secretary of the Board, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551. 

FOR FURTHER INFORMATION CONTACT: A 

staff contact for each item is indicated 

with the regulatory description below. 

SUPPLEMENTARY INFORMATION: The Board 

is publishing its fall 2010 agenda as part 

of the Fall 2010 Unified Agenda of 

Federal Regulatory and Deregulatory 

Actions, which is coordinated by the 

Office of Management and Budget under 

Executive Order 12866. The agenda also 

identifies rules the Board has selected 

for review under section 610(c) of the 

Regulatory Flexibility Act, and public 

comment is invited on those entries. 

The complete Unified Agenda will be 

available to the public at the following 

web site: www.reginfo.gov. 

Participation by the Board in the 

Unified Agenda is on a voluntary basis. 

The Board’s agenda is divided into 

three sections. The first, Proposed Rule 

Stage, reports on matters the Board may 

consider for public comment during the 

next six months. The second section, 

Final Rule Stage, reports on matters that 

have been proposed and are under 

Board consideration. And a third 

section, Completed Actions, reports on 

regulatory matters the Board has 

completed or is not expected to consider 

further. Matters begun and completed 

between issues of the agenda have not 

been included. 

A dot (•) preceding an entry indicates 

a new matter that was not a part of the 

Board’s previous agenda and which the 

Board has not completed. 

Margaret McCloskey Shanks, 

Associate Secretary of the Board. 

Federal Reserve System—Completed Actions 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

604 Regulation Z—Truth in Lending Act (Docket Number: R-1366) ................................................................................... 7100–AD33 

605 Regulation Z—Truth in Lending Act (Docket No: R-1370) ........................................................................................... 7100–AD42 

606 Regulation Z—Truth in Lending (Docket No. R-1384) .................................................................................................. 7100–AD49 

Federal Reserve System (FRS) Completed Actions 

604. REGULATION Z—TRUTH IN 

LENDING ACT (DOCKET NUMBER: 

R–1366) 

Legal Authority: 15 USC 1601 et seq 

Abstract: In August 2009 the Board 

issued a proposed rule amending 

Regulation Z’s disclosures for closedend mortgages. The proposed rule 

would make comprehensive changes to 

the disclosures consumers receive 

before and after application for a 

closed-end mortgage loan. The 

proposed disclosures included, among 

other things, disclosures of information 

about interest rates and payment 

changes in the form of a table. This 

disclosure would implement changes to 

the Truth in Lending Act made by the 

Mortgage Disclosure Improvement Act 

(the MDIA). The Board also proposed 

to prohibit certain payments to 

mortgage loan originators (mortgage 

brokers and loan officers) that are based 

on the loan’s terms or conditions, and 

prohibit steering consumers to 

transactions that are not in their 

interest to increase compensation 

received. 

In August 2010, the Board finalized two 

elements of the August 2009 proposed 

rule. First, the Board issued an interim 

final rule requiring creditors to disclose 

certain summary information about 

interest rates and payment changes in 

the form of a table for closed-end 

mortgage loans secured by a real 

property or dwelling. The Board took 

this action to ensure that the creditors 

have guidance on how to make the 

interest rate and payment disclosure 

required by MDIA before the statutory 

effective date of January 30, 2011. The 

Board’s interim final rule adopts the 

August 2009 proposed rule regarding 

the interest rate and payment summary 

tables substantially as proposed. Public 

comments on the interim final rule are 

due 60 days after publication in the 

Federal Register. 

Second, the Board adopted the 

proposed rule regarding originator 

compensation, substantially as 

proposed. The final rule also prohibits 

payments to mortgage originators that 

are based on the loan’s terms or 

conditions. The final rule also prohibits 

a mortgage originator from steering 

consumers to transactions that are not 

in their interest to increase the 

originator’s compensation. The final 

rule applies to closed-end mortgage 

loans secured by a dwelling, and is 

substantially similar to the proposed 

rule. 

Timetable: 

Action Date FR Cite 

Board Requested 

Comment 

08/26/09 74 FR 43232 


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Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79927 

FRS Completed Actions 

Action Date FR Cite 

Board Adopted Final 

Rule 

09/24/10 75 FR 58509 

Final Rule Effective 04/01/11 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Kathleen Ryan, 

Counsel, Federal Reserve System, 

Division of Consumer and Community 

Affairs 

Phone: 202 452–3667 

RIN: 7100–AD33 

605. ∑ REGULATION Z—TRUTH IN 

LENDING ACT (DOCKET NO: R–1370) 

Legal Authority: 12 USC 1601 et seq 

Abstract: On May 22, 2009, the Credit 

Card Accountability Responsibility and 

Disclosure Act of 2009 (Credit Card 

Act) was signed into law. Public Law 

No. 111-24, 123 Stat. 1734 (2009). The 

Credit Card Act primarily amended the 

Truth in Lending Act (TILA) and 

created a number of new substantive 

protections and disclosure requirements 

for open-end (revolving) consumer 

credit plans. The provisions of the 

Credit Card Act that the Board was 

required to implement under TILA 

became effective in three stages: August 

20, 2009; February 22, 2010; and 

August 22, 2010. On July 15, 2009, the 

Board issued an interim final rule 

amending Regulation Z (Truth in 

Lending), to implement provisions of 

the Credit Card Act that became 

effective on August 20, 2009, 74 FR 

36077 (July 22, 2009)(Docket No. R1364). In October 2009, the Board 

published a proposed rule amending 

Regulation Z (Truth in Lending) to 

finalize the July 2009 interim final rule 

and implement additional provisions of 

the Credit Card Act that became 

effective on February 22, 2010, 74 FR 

54124. In January 2010, the Board 

issued a final rule based on the October 

2009 proposal (75 FR 7658). 

Timetable: 

Action Date FR Cite 

Board Issued Final 

Rule on 

02/22/10 75 FR 7658 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Amy Henderson, 

Senior Attorney, Federal Reserve 

System 

Phone: 202 452–3667 

RIN: 7100–AD42 

606. ∑ REGULATION Z—TRUTH IN 

LENDING (DOCKET NO. R–1384) 

Legal Authority: 15 USC 1601 et seq 

Abstract: The Board proposes to amend 

Regulation Z, which implements the 

Truth in Lending Act, and the staff 

commentary to the regulation in order 

to implement provisions of the Credit 

Card Accountability Responsibility and 

Disclosure Act of 2009 that goes into 

effect on August 22, 2010. In particular, 

the proposed rule would require that 

penalty fees imposed by card issuers 

be reasonable and proportional to the 

violation of the account terms. The 

proposed rule would also require credit 

card issuers to reevaluate at least every 

six months the annual percentage rates 

increased on or after January 1, 2009. 

On March 15, 2010, the Board 

published proposed amendments to 

Regulation Z (Truth in Lending) in 

order to implement provisions of the 

Credit Card Accountability 

Responsibility and Disclosure Act that 

went into effect on August 22, 1010 (75 

FR 12334). The proposed rule would 

have required that penalty fees imposed 

by card issuers be reasonable and 

proportional to the violation of the 

account terms. The proposed rule also 

would have required credit card issuers 

to reevaluate at least every six months 

annual percentage rates increased on or 

after January 1, 2009. On June 29, 2010, 

the Board published final rules 

finalizing the March 2010 proposal (75 

FR 37526). 

Timetable: 

Action Date FR Cite 

Board Issued Final 

Rule on 

06/29/10 75 FR 37526 

Regulatory Flexibility Analysis 

Required: Yes 

Agency Contact: Amy Henderson, 

Senior Attorney, Federal Reserve 

System 

Phone: 202 452–3667 

RIN: 7100–AD49 

[FR Doc. 2010–30471 Filed 12–17–10; 8:45 

am] 

BILLING CODE 6210–01–S 


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