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FRS RIN: 7100-AD52 Publication ID: Spring 2011 
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. On February 1, 2011, the Board announced that it does not expect to finalize this proposal prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). 
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: 15 USC 1604(a) and 1639(l)(2)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Expects No Further Action  03/03/2011    
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:
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