Request for Comment on a Proposal to Revise the Official Staff Commentary to Regulation Z - District

Federal Reserve Bankll Kof DallasDALLAS, TEXAS 75265-5906December 21, 2001Notice 01-92TO: The Chief Executive Officer of eachfinancial institution and others concernedin the Eleventh Federal Reserve DistrictSUBJECTRequest for Comment on a Proposalto Revise the Official Staff Commentary to Regulation ZDETAILSThe Board of Governors of the Federal Reserve System has requested public com-ment on proposed revisions to the Official Staff Commentary to Regulation Z, which implementsthe Truth in Lending Act. The commentary applies and interprets the requirements of RegulationZ. The proposed update would clarify how creditors that place Truth in Lending Act disclosureson the same document with the credit contract may satisfy the requirement for providing thedisclosures in a form the consumer may keep before consummation.In addition, the proposed revisions provide guidance on disclosing costs for certaincredit insurance policies and on the definition of “business day” for purposes of the right torescind certain home-secured loans.The Board must receive comments by February 1, 2002. Please address comments toJennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Streetand Constitution Avenue, N.W., Washington, DC 20551. Also, you may mail comments elec-tronically to regs.comments@federalreserve.gov. All comments should refer to DocketNo. R-1118.ATTACHMENTA copy of the Board’s notice as it appears on pages 64381–83, ...