- 1400 ]. on march 25, 2011, the board issued a final rule requiring lessors to provide consumers with disclosures regarding the cost and other terms of personal property leases. ( section 1100 ( e ) ) no deadline completed. 26. final rule to increase exemption threshold under the consumer leasing act ( regulation m ) [ r - 1423 ]. on march 25, 2011, the board issued a final rule under regulation m ( consumer leasing ) to increase the dollar threshold for exempt consumer lease transactions. these annual adjustments are required by statute. ( section 1100 ( e ) ) no deadline completed. 27. final rule to increase exemption threshold under the truth in lending act ( regulation z ) [ r - 1424 ]. on march 25, 2011, the board issued a final rule to increase the dollar threshold for exempt consumer credit transactions. these annual adjustments are required by statute. ( section 1100 ( e ) ) no deadline completed. 28. final rule revising risk - based pricing notices under the fair credit reporting act ( fcra ) ( regulation v ) [ r - 1407 ]. on july 6, 2011, the board and the ftc issued a joint final rule to revise the content requirements for risk - based pricing notices and to add related model forms to reflect the new credit score disclosure requirements. ( section 1100f ) no deadline completed. 29. final rule implementing combined fcra notices under the equal credit opportunity act ( regulation b ) [ r - 1408 ]. on july 6, 2011, the board issued a final rule amending regulation b to include the disclosure of credit scores and related information if a credit score is used in taking adverse action. the revised model notices reflect the new content requirements in section 615 ( a ) of the fcra, as amended by section 1100f of the act. ( section 1100f ) no deadline completed. bis central bankers ’ speeches appendix a to statement by daniel k. tarullo, member, board of governors of the federal reserve system before the committee on banking, housing, and urban affairs u. s. senate washington, dc, december 6, 2011 as of december 5, 2011 rulemaking under title xiv 30. proposed rule on escrow account requirements under the truth in lending act ( regulation z ) [ r - 1406 ]. on february 23, 2011, the board issued a proposed rule to expand the minimum period for mandatory escrow accounts for first - lien, higher - priced mortgage loans from one to five

in response to changes in technology and market needs. let me highlight several key features of the initial service offering. first, we heard strong support for fraud tools within the fednow service to support banks ’ efforts to mitigate the risk of fraud with instant payments. accordingly, upon implementation, banks will be able proactively to set parameters that limit transaction activity in the fednow service based on banks ’ knowledge of their own customers. as we gain insights from banks ’ experience with the initial set of fraud tools, we will explore other tools that may be valuable, including centralized monitoring by the fednow service. second, banks told us they want to be able to ensure they have adequate funds in their federal reserve accounts on a 24x7x365 basis to cover outflows related to instant payments, especially during hours when existing payment services are not open and funds cannot be transferred into federal reserve accounts to cover intraday overdrafts. accordingly, we will develop a liquidity management tool that allows a participant with excess funds in its federal reserve account to transfer funds to another participant who needs the funds on weekends, holidays, and after hours. moreover, we will make the liquidity management tool available for instant payments broadly, including to banks that choose not to participate in the fednow service. participants in a private - sector instant payments service will be able to use the tool to transfer funds from their federal reserve accounts to the joint account at a reserve bank that backs settlement in that service. third, it will be important for the fednow service to be interoperable with the privatesector instant payment service to accomplish the goal of nationwide reach for instant payments. as we have learned from experience with our other payment services, the form and timeline for achieving interoperability will depend on the level of commitment and engagement from stakeholders across the industry, including the operators of other instant payment settlement services, both present and future. in part to facilitate interoperability, the fednow service design will use the widely accepted iso 20022 message standard and other industry best practices. 10 to the extent other instant payment services fully adopt the same publicly available, widely accepted standards, this approach would enable a form of interoperability where banks can route payments through either the fednow service or other instant payment services based on the available path to the receiver. this is similar to the prevailing approach in payment card transactions, for instance. we are also open to collaborating on a form of interoperability where messages can be