Latest Compliance - APR/APY Topics

Activity on the Internet is increasing dramatically. It is now much more than e-mail and amusement sources for children who have outgrown cartoons.

The FRB has published a request for public comment of possible legislative changes to the Truth in Lending Act.

The Federal Reserve Board has published its 1997 update to the Regulation Z Official Staff Commentary.

A common violation of Truth in Lending - failure to include PMI in the finance charge and APR calculations - results in mandatory restitution.

The 1996 banking act, the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA"), directed the Federal Reserve Board and the Department of Housing and Urban Development to work t

Truth in Lending and Regulation Z apply to all consumer credit, that is, credit requested by a consumer and for the use of the consumer. Business loans are exempt from Regulation Z.

Finance Charge

Note to the Reader: This article identifies the key features of the changes to Regulation Z. In our next issue, we will provide au in-depth analysis and compliance advice on these rules.

Looked at simplistically, bank compliance regulation is an attempt to legislate intelligence.

by Richard Insley

This month we drop in on the Administrator of National Banks at http://www.occ.treas.gov/