[Federal Register Volume 60, Number 109 (Wednesday, June 7, 1995)]
[Rules and Regulations]
[Page 29969]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-13863]
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FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Regulation Z; Docket No. R-0858]
Truth in Lending; Mortgage Disclosures; Correction
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Corrections to final regulation.
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SUMMARY: This document contains corrections to the final rule (Docket
No. R-0858) which was published Friday, March 24, 1995 (60 FR 15463).
The amendments to Regulation Z concerned new disclosure requirements on
certain home loans bearing rates or fees above a certain percentage or
amount and on reverse mortgage transactions.
EFFECTIVE DATE: June 7, 1995.
FOR FURTHER INFORMATION CONTACT: Jane Ahrens, Senior Attorney, or Kyung
Cho-Miller, Sheilah Goodman, or Kurt Schumacher, Staff Attorneys,
Division of Consumer and Community Affairs, Board of Governors of the
Federal Reserve System, at (202) 452-3667 or 452-2412; for the hearing
impaired only, Dorothea Thompson, Telecommunications Device for the
Deaf, at (202) 452-3544.
SUPPLEMENTARY INFORMATION:
Background
The regulation that is the subject of the corrections is Regulation
Z (12 CFR part 226), which implements the Truth in Lending Act (15
U.S.C. 1601-1666j). The act (TILA) requires creditors to disclose
credit terms for consumer transactions. The final rule implemented the
Home Ownership and Equity Protection Act of 1994 (HOEPA), contained in
the Riegle Community Development and Regulatory Improvement Act of 1994
(Pub. L. 103-325, 108 Stat. 2160). Section 152 of the HOEPA adds a new
section 129 to the TILA dealing with certain mortgages bearing rates or
fees above a certain percentage or amount.
Need for Correction
As published, the final rule implementing new TILA section 129
contains errors which could be confusing and should be clarified.
Correction of Publication
Accordingly, the publication on March 24, 1995, of the final
regulation (Docket No. R-0858), which was the subject of FR Doc. 95-
7231, is corrected as follows:
Sec. 226.31 [Corrected]
On page 15472, in the first column, in Sec. 226.31, in paragraph
(g), in the third line, the phrase ``annual percentage yield'' is
corrected to read ``annual percentage rate''.
Sec. 226.32 [Corrected]
On page 15472, in the second column, in Sec. 226.32, in paragraph
(b)(1)(iii), in the first and second lines, the phrase ``required to be
disclosed under'' is corrected to read ``listed in''.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board, June 1, 1995.
William W. Wiles,
Secretary of the Board.
[FR Doc. 95-13863 Filed 6-6-95; 8:45 am]
BILLING CODE 6210-01-P
