Regulation Z Policy Update Details

Product Update Notification - 12/18/07

Regulation Z Policy Template Update Details

What's New

Topic 10 - Open End Credit - Requirements for Home Equity Plans. The following former topics were combined into one new topic to mirror regulatory guidance:

Home Equity Lines - Early Disclosure Statement Requirements - Formerly Topic 20

Limitations on Home Equity Plans - Formerly Topic 21

Topic 19 - Open End Credit - Determination of Annual Percentage Rate. Portions of this new topic were formally included within Topic 10 - Rules of Annual Percentage Rate, to mirror regulatory guidance specific to open end credit.

Topic 20 - Open End Credit - Right of Rescission. Portions of this new topic were formally included within Topic 30 - Right of Rescission, to mirror regulatory guidance specific to open end credit.

Topic 21 - Open End Credit - Advertising. Portions of this new topic were formally included within Topic 31 - Advertising, to mirror regulatory guidance specific to open end credit.

Topic 24 - Closed End Credit - Certain Residential Mortgage and Variable Rate Transactions. The following former topics were combined into one new topic to mirror regulatory guidance:

Certain Residential Mortgage Transactions - Topic 26

Certain Variable Rate Transactions - Topic 27

Topic 27 - Closed End Credit - Determination of Annual Percentage Rate. Portions of this new topic were formally included within Topic 10 - Rules of Annual Percentage Rate, to mirror regulatory guidance specific to closed end credit.

Topic 28 - Closed End Credit - Right of Rescission. Portions of this new topic were formally included within Topic 30 - Right of Rescission, to mirror regulatory guidance specific to closed end credit.

Topic 29 - Closed End Credit - Advertising. Portions of this new topic were formally included within Topic 31 - Advertising, to mirror regulatory guidance specific to closed end credit.

Topic 31 - Audit Policy. This topic provides guidance with respect to a financial institution's requirement to conduct periodic independent audit reviews of its consumer lending compliance activities.

What's Revised

Topic 2 - Policy Statement. The following former topics were added to the "General" subtopic:

Truth In Lending Background - Formerly Topic 5

Coverage - Formerly Topic 7

Topic 8 - Open End Credit - General Disclosure Requirements. The first two paragraphs of the "Form of Disclosures" subtopic were revised. In addition, the subtopic "Electronic Communication Rules" was deleted.

Topic 9 - Open End Credit - Credit and Charge Card Applications and Solicitations. The two paragraphs prior to bullet point 3. under the "General" subtopic were revised.

Topic 22 - Closed End Credit - General Disclosure Requirements. The following subtopics were revised:

Form of Disclosures

Time of Disclosures

Early Disclosures

In addition, the following subtopics were added to expand regulatory guidance:

Mail or Telephone Orders - Delay in Disclosures

Series of Sales - Delay in Disclosures

Interim Student Extensions

Language of Disclosures

Topic 25 - Closed End Credit - Subsequent Disclosure Requirements. The following subtopics were revised to include additional detail:

Refinancing

Assumptions

Variable Rate Adjustments

Topic 26 - Closed End Credit - Treatment of Credit Balances. The "General" subtopic was revised.

Topic 30 - Special Rules for Certain Home Mortgage Transactions. The former Topic 32 - Reverse Mortgages is now included as a subtopic.

Topic 33 - Retention of Documentation. This topic was revised to mirror current regulatory guidance.

What's Deleted

Topic 5 - Truth In Lending Background. Now included in Topic 2 - Policy Statement.

Topic 7 - Coverage. Now included in Topic 2 - Policy Statement.

Topic 10 - Rules of Annual Percentage Rate. Now included in Topic 19 - Open End Credit - Determination of Annual Percentage Rate and Topic 27 - Closed End Credit - Determination of Annual Percentage Rate.

Topic 13 - Open End Credit - General. Deleted to eliminate redundancy.

Topic 20 - Home Equity Lines - Early Disclosure Statement Requirements. Now included in Topic 10 - Open End Credit - Requirements for Home Equity Plans.

Topic 21 - Limitations on Home Equity Plans. Now included in Topic 10 - Open End Credit - Requirements for Home Equity Plans.

Topic 26 - Certain Residential Mortgage Transactions. Now included in Topic 24 - Certain Residential Mortgage and Variable Rate Transactions.

Topic 27 - Certain Variable Rate Transactions. Now included in Topic 24 - Certain Residential Mortgage and Variable Rate Transactions.

Topic 30 - Right of Rescission. Now included in Topic 20 - Open End Credit - Right of Rescission and Topic 28 - Closed End Credit - Right of Rescission.

Topic 31 - Advertising. Now included in Topic 21 - Open End Credit - Advertising and Topic 29 - Closed End Credit - Advertising.

Topic 32 - Reverse Mortgages. Now included in Topic 30 - Special Rules for Certain Home Mortgage Transactions.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Risk Management of Unfair or Deceptive Acts or Practices - General - Topic 3

Risk Management of Predatory or Abusive Residential Mortgage Loans - Topic 4

Definitions - Topic 5

Exempt Transactions - Topic 6

Finance Charge - Topic 7

Open End Credit - General Disclosure Requirements - Topic 8

Open End Credit - Credit and Charge Card Applications and Solicitations - Topic 9

Open End Credit - Requirements for Home Equity Plans - Topic 10

Open End Credit - Initial Disclosure Statement Requirements - Topic 11

Open End Credit - Periodic Statement Requirements - Topic 12

Open End Credit - Identification of Transactions - Topic 13

Open End Credit - Subsequent Disclosure Requirements - Topic 14

Open End Credit - Prompt Crediting of Payments - Topic 15

Open End Credit - Treatment of Credit Balances - Topic 16

Open End Credit - Special Credit Card Provisions - Topic 17

Open End Credit - Billing Error Resolution Procedures - Topic 18

Open End Credit - Determination of Annual Percentage Rate - Topic 19

Open End Credit - Right of Rescission - Topic 20

Open End Credit - Advertising - Topic 21

Closed End Credit - General Disclosure Requirements - Topic 22

Closed End Credit - Content of Disclosures - Topic 23

Closed End Credit - Certain Residential Mortgage and Variable Rate Transactions - Topic 24

Closed End Credit - Subsequent Disclosure Requirements - Topic 25

Closed End Credit - Treatment of Credit Balances - Topic 26

Closed End Credit - Determination of Annual Percentage Rate - Topic 27

Closed End Credit - Right of Rescission - Topic 28

Closed End Credit - Advertising - Topic 29

Special Rules for Certain Home Mortgage Transactions - Topic 30

Audit Policy - Topic 31

Training and Monitoring Procedures - Topic 32

Retention of Documentation - Topic 33

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$325.00 - List Price

- or -

$50.00* - Update Price

*Applies only to clients who have purchased the Regulation Z Policy Template within the last three years.

If you have ordered this product after 11/18/07 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.