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


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Part XXI





Federal Reserve System





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Semiannual Regulatory Agenda

[[Page 79926]]

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, 
2010, through April 30, 2011. The next agenda will be published in 
spring 2011.

DATES: Comments about the form or content of the agenda may be 
submitted any time during the next six months.

ADDRESS:  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 2010 agenda 
as part of the Fall 2010 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 six 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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604         Regulation Z--Truth in Lending Act (Docket Number: R-1366)............................    7100-AD33
605         Regulation Z--Truth in Lending Act (Docket No: R-1370)................................    7100-AD42
606         Regulation Z--Truth in Lending (Docket No. R-1384)....................................    7100-AD49
----------------------------------------------------------------------------------------------------------------

_______________________________________________________________________
Federal Reserve System (FRS)                          Completed Actions

_______________________________________________________________________

604. REGULATION Z--TRUTH IN LENDING ACT (DOCKET NUMBER: R-1366)

Legal Authority: 15 USC 1601 et seq

Abstract: In August 2009 the Board issued a proposed rule amending 
Regulation Z's disclosures for closed-end mortgages. The proposed rule 
would make comprehensive changes to the disclosures consumers receive 
before and after application for a closed-end mortgage loan. The 
proposed disclosures included, among other things, disclosures of 
information about interest rates and payment changes in the form of a 
table. This disclosure would implement changes to the Truth in Lending 
Act made by the Mortgage Disclosure Improvement Act (the MDIA). The 
Board also proposed to prohibit certain payments to mortgage loan 
originators (mortgage brokers and loan officers) that are based on the 
loan's terms or conditions, and prohibit steering consumers to 
transactions that are not in their interest to increase compensation 
received.
In August 2010, the Board finalized two elements of the August 2009 
proposed rule. First, the Board issued an interim final rule requiring 
creditors to disclose certain summary information about interest rates 
and payment changes in the form of a table for closed-end mortgage 
loans secured by a real property or dwelling. The Board took this 
action to ensure that the creditors have guidance on how to make the 
interest rate and payment disclosure required by MDIA before the 
statutory effective date of January 30, 2011. The Board's interim final 
rule adopts the August 2009 proposed rule regarding the interest rate 
and payment summary tables substantially as proposed. Public comments 
on the interim final rule are due 60 days after publication in the 
Federal Register.
Second, the Board adopted the proposed rule regarding originator 
compensation, substantially as proposed. The final rule also prohibits 
payments to mortgage originators that are based on the loan's terms or 
conditions. The final rule also prohibits a mortgage originator from 
steering consumers to transactions that are not in their interest to 
increase the originator's compensation. The final rule applies to 
closed-end mortgage loans secured by a dwelling, and is substantially 
similar to the proposed rule.

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Requested Comment         08/26/09                    74 FR 43232

[[Page 79927]]

Board Adopted Final Rule        09/24/10                    75 FR 58509
Final Rule Effective            04/01/11

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-AD33
_______________________________________________________________________

605.  REGULATION Z--TRUTH IN LENDING ACT (DOCKET NO: 
R-1370)

Legal Authority: 12 USC 1601 et seq

Abstract: On May 22, 2009, the Credit Card Accountability 
Responsibility and Disclosure Act of 2009 (Credit Card Act) was signed 
into law. Public Law No. 111-24, 123 Stat. 1734 (2009). The Credit Card 
Act primarily amended the Truth in Lending Act (TILA) and created a 
number of new substantive protections and disclosure requirements for 
open-end (revolving) consumer credit plans. The provisions of the 
Credit Card Act that the Board was required to implement under TILA 
became effective in three stages: August 20, 2009; February 22, 2010; 
and August 22, 2010. On July 15, 2009, the Board issued an interim 
final rule amending Regulation Z (Truth in Lending), to implement 
provisions of the Credit Card Act that became effective on August 20, 
2009, 74 FR 36077 (July 22, 2009)(Docket No. R-1364). In October 2009, 
the Board published a proposed rule amending Regulation Z (Truth in 
Lending) to finalize the July 2009 interim final rule and implement 
additional provisions of the Credit Card Act that became effective on 
February 22, 2010, 74 FR 54124. In January 2010, the Board issued a 
final rule based on the October 2009 proposal (75 FR 7658).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Issued Final Rule on      02/22/10                     75 FR 7658

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Amy Henderson, Senior Attorney, Federal Reserve System
Phone: 202 452-3667

RIN: 7100-AD42
_______________________________________________________________________

606.  REGULATION Z--TRUTH IN LENDING (DOCKET NO. R-
1384)

Legal Authority: 15 USC 1601 et seq

Abstract: The Board proposes to amend Regulation Z, which implements 
the Truth in Lending Act, and the staff commentary to the regulation in 
order to implement provisions of the Credit Card Accountability 
Responsibility and Disclosure Act of 2009 that goes into effect on 
August 22, 2010. In particular, the proposed rule would require that 
penalty fees imposed by card issuers be reasonable and proportional to 
the violation of the account terms. The proposed rule would also 
require credit card issuers to reevaluate at least every six months the 
annual percentage rates increased on or after January 1, 2009.
On March 15, 2010, the Board published proposed amendments to 
Regulation Z (Truth in Lending) in order to implement provisions of the 
Credit Card Accountability Responsibility and Disclosure Act that went 
into effect on August 22, 1010 (75 FR 12334). The proposed rule would 
have required that penalty fees imposed by card issuers be reasonable 
and proportional to the violation of the account terms. The proposed 
rule also would have required credit card issuers to reevaluate at 
least every six months annual percentage rates increased on or after 
January 1, 2009. On June 29, 2010, the Board published final rules 
finalizing the March 2010 proposal (75 FR 37526).

Timetable:
________________________________________________________________________

Action                            Date                      FR Cite

________________________________________________________________________

Board Issued Final Rule on      06/29/10                    75 FR 37526

Regulatory Flexibility Analysis Required: Yes

Agency Contact: Amy Henderson, Senior Attorney, Federal Reserve System
Phone: 202 452-3667

RIN: 7100-AD49
[FR Doc. 2010-30471 Filed 12-17-10; 8:45 am]
BILLING CODE 6210-01-S
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