[The Regulatory Plan and Unified Agenda of Federal Regulatory and Deregulatory Actions]
[Federal Reserve System Semiannual Regulatory Agenda]
[From the U.S. Government Printing Office, www.gpo.gov]


-----------------------------------------------------------------------

Part XIX





Federal Reserve System





-----------------------------------------------------------------------



Semiannual Regulatory Agenda

[[Page 71504]]



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 November 1, 
2008, through April 30, 2009. The next agenda will be published in 
spring 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 fall 2008 agenda 
as part of the Fall 2008 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--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
548         Regulation Z--Truth in Lending (Docket No. R-1286)....................................    7100-AD08
----------------------------------------------------------------------------------------------------------------


                                    Federal Reserve System--Completed Actions
----------------------------------------------------------------------------------------------------------------
                                                                                                     Regulation
 Sequence                                           Title                                            Identifier
  Number                                                                                               Number
----------------------------------------------------------------------------------------------------------------
549         Regulation Z--Truth in Lending (Docket No. R-1305)....................................    7100-AD17
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________


Federal Reserve System (FRS)                           Final Rule Stage






_______________________________________________________________________




548. 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

[[Page 71505]]

addressed. Advertisements for deferred interest plans would be required 
to provide additional information about how interest could be imposed.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         06/14/07                    72 FR 32948
Board Requested Further Comment 07/18/08                    73 FR 28866
Board Expects Further Action By 12/00/08

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
_______________________________________________________________________


Federal Reserve System (FRS)                          Completed Actions






_______________________________________________________________________




549. REGULATION Z--TRUTH IN LENDING (DOCKET NO. R-1305)

Legal Authority: 12 USC 3806; 15 USC 1604; 15 USC 1637(c)(5); 15 USC 
1637(l)

Abstract: The Board amended Regulation Z, which implements the Truth in 
Lending Act and Home Ownership and Equity Protection Act. The goals of 
the amendments are to protect consumers in the mortgage market from 
unfair, abusive, or deceptive lending and servicing practices while 
preserving responsible lending and sustainable home ownership; ensure 
that advertisements for mortgage loans provide accurate and balanced 
information and do not contain misleading or deceptive representations 
and provide consumers transaction-specific disclosures early enough to 
use while shopping for a mortgage. The revisions apply four protections 
to a newly-defined category of higher-priced mortgage loans secured by 
a consumer's principal dwelling, including a prohibition of lending 
based on the collateral without regard to consumer's ability to repay 
their obligations from income, or from other sources besides the 
collateral. The revisions apply one new protection to mortgage loans 
secured by a consumer's principal dwelling regardless of loan price, 
including a prohibition on abusive servicing practices. The rule also 
requires that advertisements provide accurate and balanced information, 
in a clean and conspicuous manner, about rates, monthly payments, and 
other loan features; and bans several deceptive or misleading 
advertising practices, including representations that a rate or payment 
is ``fixed'' when it can change. Finally, the rule requires creditors 
to provide consumers with transaction-specific mortgage loan 
disclosures before they pay any fee except a reasonable fee for 
reviewing credit history.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         01/09/08                     73 FR 1672
Board Adopted Final Rule        08/08/08                    73 FR 46190

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Kathleen Ryan, Counsel, Federal Reserve System, 
Division of Consumer and Community Affairs
Phone: 202 452-3667

RIN: 7100-AD17
[FR Doc. E8-21207 Filed 11-21-08; 8:45 am]
BILLING CODE 6210-01-S