Request for comment on Regulation Z.The Federal Reserve Board, on October 11, 2005, issued for public comment a second advance notice of proposed rulemaking A notice of proposed rulemaking or NPRM is issued by law when a regulatory agency of the United States Federal Government wishes to add, remove, or change a rule (or regulation) as part of the rulemaking process. Outside the USA. (ANPR ANPR Automatic Number Plate Recognition ANPR Advance Notice of Proposed Rulemaking ANPR Association of National Park Rangers ) concerning the open-end (revolving) credit rules of the Board's Regulation Z (Truth in Lending), which implements the Truth in Lending Act The Truth in Lending Act is contained in Title I of the Consumer Credit Protection Act (15 U.S.C.A. § 1601 et seq.). The CCPA is designed to assure that every customer who needs Consumer Credit is given meaningful information concerning the cost of such credit. (TILA TILA Truth In Lending Act ). The second ANPR solicits public comments on ways the Board should implement amendments to TILA made by the Bankruptcy Abuse Prevention and Consumer Protection Act The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub.L. 109-8, 119 Stat. 23, enacted 2005-04-20), provided for significant changes in Bankruptcy in the United States, was passed by the 109th United States Congress on April 14, 2005 and signed into law of 2005 (Bankruptcy Act). The amendments principally deal with open-end credit A type of revolving account that permits an individual to pay, on a monthly basis, only a portion of the total amount due. This type of Consumer Credit is frequently used in conjunction with bank and department store credit cards. accounts and require new disclosures on periodic statements and on credit card applications and solicitations. The Board periodically reviews each of its regulations to update them, if necessary. In December 2004 the Board published an initial ANPR to commence a comprehensive review of the open-end credit rules and to solicit comment on a variety of issues relating to the format of open-end credit disclosures, the content of disclosures, and the substantive protections provided under the regulation. The comment period closed in March 2005. In April 2005 the Bankruptcy Act was enacted, which contains several amendments to TILA, including provisions requiring new disclosures for open-end credit accounts. The Board plans to implement the amendments as part of its review of Regulation Z and is publishing this second ANPR to reopen and extend the public comment period. Combining the two rulemakings will allow the Board to coordinate the changes to the TILA disclosures and should impose less regulatory burden on creditors. Comments were to be received on or before December 16, 2005. |
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