District Circular Letters
December 12, 1997
REGULATION Z:
CREDIT CARD RATES AND CREDIT TRANSACTIONS
To Member and Nonmember Banks
and Others Concerned
in the Twelfth Federal Reserve District
Proposed Revisions to Official Staff Commentary (Docket R-0992)
The Federal Reserve Board has published proposed revisions to the official
staff commentary to Regulation Z, Truth in Lending, which applies and
interprets the requirements of the regulation. Comment on the proposal
is requested by January 20, 1998.
The proposed revisions address
- increased rates for credit card accounts caused by late payments
or exceeding credit limits;
- guidance on "same-as-cash" transactions in open-end plans;
and
- guidance for determining whether credit is an open-end plan or a
closed-end transaction.
In addition, the proposed update to the commentary discusses issues
such as the treatment of annuity costs in reverse mortgage transactions
and transaction fees imposed on checking accounts with overdraft protection.
Copies
Copies of the Board's notice (Docket
R-0992) from our Corporate Services Department. To request copies
to be sent via mail, please call (415) 974-2748. To request copies to
be sent via fax, please call (415) 974-3333, and specify document number
4178.
Additional Information
For additional information regarding Regulation Z, please contact our
Banking Supervision and Regulation Department, at (415) 974-2967.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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