FedFacts

Revised Handbook on Adjustable Rate Mortgages Available

A revised version of the Federal Reserve Board's brochure entitled Consumer Handbook on Adjustable Rate Mortgages is now available. The first 100 copies ordered each year are free; additional copies are $25 per 100, prepaid.

Bankers wanting to order copies should write to: Publication Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, D.C., 20551. The brochure is also available on the Board's web site at www.federalreserve.gov/pubs/arms/arms_english.htm.

Fed Revises Commentary to Regulation Z

The Federal Reserve Board has revised its Official Staff Commentary to Regulation Z, Truth in Lending, to provide guidance on the prohibition against the issuance of unsolicited credit cards and the calculation of payment schedules involving private mortgage insurance. The update also discusses credit sale transactions in which the down payments include cash and property used as trade-in and adopts several technical amendments.

Revisions are effective immediately. Compliance is optional until March 31, 2000. For more information, call Henry F. Dove Jr. at (314) 444-8846.

Commentary to Consumer Leasing Regulation Revised

The Federal Reserve Board has revised its Official Staff Commentary to Regulation M, Consumer Leasing, to provide guidance on disclosures for lease re-negotiations and extensions, official fees and taxes, multiple-item leases and advertisements.

Revisions are effective immediately. Compliance is optional until March 31, 2000. For more information, call Henry F. Dove Jr. at (314) 444-8846.

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