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FRS RIN: 7100-AD34 Publication ID: Spring 2011 
Title: Regulation Z--Truth in Lending Act (Docket No: R-1367) 
Abstract: The Board proposes changes to the format, timing, and content requirements for the four main types of HELOC disclosures required by Regulation Z: disclosures at application; disclosures at account opening; periodic statements; and change-in-terms notices. The Board proposes to replace disclosures required at the time that a consumer applies for a HELOC with a one-page Board-published summary of basic information and risks regarding HELOCs. The Board also proposes to move the timing of disclosures regarding a creditor's HELOC plan from the time of application to within three business days after application and to require the disclosures to include significant transaction-specific rates and terms. The Board also proposes to provide additional guidance on when a creditor may temporarily suspend advances on a HELOC or reduce the credit limit, and what a creditor's obligations are concerning reinstating such accounts. In addition, the proposal would limit the ability of a creditor to terminate a HELOC for payment-related reasons; a creditor could do so only if the consumer failed to make a required minimum payment more than 30 days after the due date for that payment. Changes to disclosure requirements related to suspension of HELOC advances, reduction of the credit limit, and account terminations are also proposed. On February 1, 2011, the Board issued a press release announcing that the Board does not expect to take further action regarding this proposal, in view of the scheduled transfer of rulemaking authority under TILA to the Consumer Financial Protection Bureau (CFPB) in July 2011, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. After the transfer the CFPB can take further action regarding the proposal. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 226   
Legal Authority: 12 USC 3806    15 USC 1604    15 USC 1637   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comment  08/26/2009  74 FR 43428   
Board Announced No Further Action  02/01/2011    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Lorna Neill
Senior Counsel
Federal Reserve System
Division of Consumer and Community Affair,
Washington, DC 20551
Phone:202 452-3667