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Thursday, July 1, 2004

Federal Reserve Revises Regulation Z

The Federal Reserve Board has revised Regulation Z, which implements the Truth-in-Lending Act, and its staff commentary on the rule. The changes include a new definition of the word "amount" in disclosure requirements, referring to a numerical amount. Additionally, revisions to the staff commentary provide guidance on consumers' exercise of rescission rights for certain home-secured loans.

The revisions took effect April 1, and the deadline for mandatory compliance is Oct. 1. For more information, contact Henry F. Dove Jr., at (314) 444-8846 or 1-800-333-0810, ext. 44-8846.

Regulators Create New Web Site for Call Reports

The Federal Reserve Board, FDIC and OCC have contracted to build a Central Data Repository and web site, which is called FIND, to help modernize Call Reports. Under this new system, institutions will file their Call Report data via the Internet using software that contains the FFIEC's edits for validating Call Report data before submission.

Call Report software vendors are modifying their software to incorporate these edits. Implementation of the new CDR system is expected to start with the submission of Call Report data for Sept. 30. For more information, visit