The Federal Reserve Board has revised its Official Staff Commentary to Regulation Z, Truth in Lending, to provide guidance on the prohibition against the issuance of unsolicited credit cards and the calculation of payment schedules involving private mortgage insurance. The update also discusses credit sale transactions in which the down payments include cash and property used as trade-in and adopts several technical amendments. Revisions are effective immediately. Compliance is optional until March 31, 2000. The Federal Reserve Board has revised its Official Staff Commentary to Regulation M, Consumer Leasing, to provide guidance on disclosures for lease renegotiations and extensions, official fees and taxes, multiple-item leases and advertisements.
Revisions are effective immediately.
Compliance is optional until March 31, 2000.