The Federal Reserve Board has revised its brochure "When Your Home is on the Line: What You Should Know about Home Equity Lines of Credit." Regulation Z, which implements the Truth in Lending Act, requires creditors to provide the brochure (or a suitable substitute) to consumers whenever creditors offer an application form for a home equity line of credit to a customer. Creditors may use the earlier version of the brochure until existing supplies are exhausted.
Copies of the revised brochure are available from Publications Services, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, D.C., 20551 or by calling (202) 452-3245. The first 100 copies are free. The brochure also is available on the Board's web site at www.federalreserve.gov/pubs/HomeLine/.
Have you or your staff members ever tried to explain to new employees how the Fed creates money and fights inflation, where a check goes after it is written or what bank examiners are looking for during bank visits? If so, then point them to Fed 101, which is the Fed's new economics education web site. Within this virtual classroom, visitors will find fascinating facts about the history and structure of the Federal Reserve System, take part in interviews with Fed presidents, or pose as a bank examiner and review a loan.
Please note: This site requires the use of Flash 5.0, which may be downloaded for free. Visitors will find more information about Fed 101—and downloading Flash 5.0—on the Bank's web site, www.stlouisfed.org/education, this summer.
In April, the St. Louis Fed mailed its 2000 Annual Report, "Revolutions in Productivity," to Eighth District financial institutions. The report examines whether the development of the microchip will fuel a period of sustained productivity increases and economic growth, as was the case with history's two major industrial revolutions. Additional copies can be ordered by contacting Debbie Dawe at (314) 444-8809. The report is also available on the St. Louis Fed's web site, www.stlouisfed.org/publications.