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FRS RIN: 7100-AD52 Publication ID: Fall 2010 
Title: ●Regulation Z Docket--Truth in Lending (R-1390) 
Abstract: The Board proposes to amend Regulation Z, and the staff commentary to the regulation, as part of a comprehensive review of TILA’s rules for home-secured credit. This proposal would revise the rules for the consumer’s right to rescind certain open-end and closed-end loans secured by the consumer’s principal dwelling. In addition, the proposal contains revisions to the rules for determining when a modification of an existing closed-end mortgage loans secured by real property or a dwelling is a new transaction requiring new disclosures. The proposal would amend the rules for determining whether a closed-end loan secured by the consumer’s principal dwelling is a “higher-priced” mortgage loan subject to the special protections in section 226.35. The proposal would provide consumers with a right to a refund of fees imposed during the three business days following the consumer’s receipt of early disclosures for closed-end loans secured by real property or a dwelling. The proposal also would amend the disclosure rules for open- and closed-end reverse mortgages. In addition, the proposal would prohibit certain unfair acts or practices for reverse mortgages. A creditor would be prohibited from conditioning a reverse mortgage on the consumer’s purchase of another financial or insurance product such as an annuity, and, a creditor could not extend a reverse mortgage unless the consumer has obtained homeownership counseling. The proposal also would amend the rules for reverse mortgage advertising. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 226   
Legal Authority: 15 USC 1604(a) and 1639(l)(2)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Expects Further Action  12/00/2010    
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:
John C. Wood
Counsel
Federal Reserve System
Division of Consumer and Community Affairs,
Phone:202 452-2412

Paul Mondor
Attorney
Federal Reserve System
Division of Consumer and Community Affairs,
Phone:202 452-3667
Email: paul.mondor@frb.gov

Brent Lattin
Senior Attorney
Federal Reserve System
Legal Division,
Phone:202 872-4905