[Federal Register Volume 74, Number 89 (Monday, May 11, 2009)]
[Proposed Rules]
[Pages 22063-22065]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-10276]
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Part XVIII
Federal Reserve System
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Semiannual Regulatory Agenda
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FEDERAL RESERVE SYSTEM (FRS)
_______________________________________________________________________
FEDERAL RESERVE SYSTEM
12 CFR Ch. II
Semiannual Regulatory Flexibility Agenda
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
SUMMARY: The Board is issuing this agenda under the Regulatory
Flexibility Act and the Board's Statement of Policy Regarding Expanded
Rulemaking Procedures. The Board anticipates having under consideration
regulatory matters as indicated below during the period May 1, 2009,
through October 31, 2009. The next agenda will be published in fall
2009.
DATES: Comments about the form or content of the agenda may be
submitted any time during the next 6 months.
ADDRESSES: Comments should be addressed to Jennifer J. Johnson,
Secretary of the Board, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
FOR FURTHER INFORMATION CONTACT: A staff contact for each item is
indicated with the regulatory description below.
SUPPLEMENTARY INFORMATION: The Board is publishing its spring 2009
agenda as part of the spring 2009 Unified Agenda of Federal Regulatory
and Deregulatory Actions, which is coordinated by the Office of
Management and Budget under Executive Order 12866. The agenda also
identifies rules the Board has selected for review under section 610(c)
of the Regulatory Flexibility Act, and public comment is invited on
those entries. The complete Unified Agenda will be available to the
public at the following web site: www.reginfo.gov. Participation by the
Board in the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into three sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next 6 months. The second section, Final
Rule Stage, reports on matters that have been proposed and are
under Board consideration. And a third section, Completed Actions,
reports on regulatory matters the Board has completed or is not
expected to consider further. Matters begun and completed between
issues of the agenda have not been included.
A dot () preceding an entry indicates a new matter
that was not a part of the Board's previous agenda and which the
Board has not completed.
Margaret McCloskey Shanks,
Associate Secretary of the Board.
Federal Reserve System--Completed Actions
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Regulation
Sequence Title Identifier
Number Number
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411 Regulation Z--Truth in Lending (Docket No. R-1286).................................... 7100-AD08
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Federal Reserve System (FRS) Completed Actions
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411. REGULATION Z--TRUTH IN LENDING (DOCKET NO. R-1286)
Legal Authority: 15 USC 1601 et seq
Abstract: The Board is conducting a review of Regulation Z, which
implements the Truth in Lending Act (TILA). In June 2007, the Board
published a notice of proposed rulemaking (NPRM) to amend the
regulation, and the regulation's official staff commentary, for rules
affecting open-end (revolving) credit that is not home secured. The
Board published advance notices of proposed rulemakings seeking comment
on a variety of issues affecting the open-end credit in December 2004
and October 2005.
The NPRM seeks comment, among other issues, on amendments that
highlight fees and penalty rates in disclosures accompanying credit and
charge card applications and solicitations, require a summary of terms
when accounts are opened, and breakout costs for fees and interest on
periodic statements. The proposal implements amendments to TILA
contained in federal bankruptcy reform legislation. Advance notice
would be required when penalty rates are imposed, and the time of
advance notice for changed terms would be extended. Two alternatives
are proposed dealing with the ``effective'' annual percentage rate
disclosed on periodic statements.
In May 2008, the Board published a second NPRM, seeking comment on a
limited number of additional revisions to the regulation and
commentary. Among other issues, the new proposed amendments address
creditors' responsibilities to establish reasonable instructions for
receiving timely payments and when a due date falls on a weekend or
holiday. Creditors' responsibilities when investigating a claim of
unauthorized transactions or an allegation of a billing error are also
addressed. Advertisements for deferred interest plans would be required
to provide additional information about how interest could be imposed.
On December 18, 2008, the Board issued final rules amending Regulation
Z, substantially similar to the proposed amendments contained in the
June 2007 and May 2008 NPRMs. With respect to the two alternatives
dealing with the ``effective'' annual percentage rate in the June 2007
proposal, the final rule deletes the requirement for creditors to
provide the ``effective'' annual percentage rate on periodic
statements. In addition, the final rule withdrew the proposed
amendments related to advertisements for deferred interest plans,
because substantive restrictions on these plans were adopted in the
Board's final rule amending Regulation AA, which was also issued on
December 18, 2008.
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Timetable:
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Action Date FR Cite
________________________________________________________________________
Board Requested Comment 06/14/07 72 FR 32948
Board Requested Further Comment 07/18/08 73 FR 28866
Board Adopted FInal Rule 01/29/09 74 FR 5244
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Krista Ayoub, Counsel, Federal Reserve System, Division
of Consumer and Community Affairs
Phone: 202 452-3667
RIN: 7100-AD08
[FR Doc. E9-10276 Filed 05-08-09; 8:45 am]
BILLING CODE 6210-01-S