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FRS

RIN: 7100-AD26

Publication ID: Spring 2009

Title: ●Regulation Z--Truth in Lending (Docket No. R-1340)
Abstract: The Board has proposed amendments to Regulation Z to implement the provisions of the Mortgage Disclosure Improvement Act of 2008, as amended (the MDIA). The MDIA broadens and adds to the requirements of a final rule amending Regulation Z that the Board issued in July 2008 (73 FR 44522). Among other things, the MDIA requires early, transaction-specific disclosures for mortgage loans secured by dwellings other than the consumer's principal dwelling and requires waiting periods between the time when disclosures are given and consummation of the transaction. Moreover, these requirements of the MDIA will become effective on July 30, 2009, about two months earlier than the Board's regulatory amendments adopted in its July 2008 final rule. The MDIA requires creditors to deliver good faith estimates of the required mortgage disclosures or place them in the mail no later than three business days after receiving consumer's application for a dwelling-secured closed-end loan. The delivery or mailing of these disclosures must occur at least seven business days before consummation. If the annual percentage rate stated in the good faith estimates changes beyond a stated tolerance, then creditors must provide corrected disclosures to the consumer at least three business days before consummation of the transaction. The MDIA allows consumers to expedite consummation to meet bona fide personal financial emergencies. The MDIA specifies different requirements for providing early disclosures for mortgage transactions secured by a consumer's interest in a timeshare plan.
Agency: Federal Reserve System(FRS)	Priority: Substantive, Nonsignificant
RIN Status: First time published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 12 CFR 226.2 12 CFR 226.17 12 CFR 226.19 12 CFR 226 Supp 1
Legal Authority: 15 USC 1604(a)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Board Expects Further Action By	04/00/2009

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Jamie Goodson Attorney Federal Reserve System Division of Consumer and Community Affairs, Phone:202 452-3667