Regulation Z Policy Update Details

Product Update Notification - 08/12/08

Regulation Z Policy Template Update Details

What's Revised

Topic 3 - Definitions. The "Business Day" definition was revised.

Topic 19 - Open End Credit - Advertising. The "Additional Requirements for Home Equity Plans" subtopic was revised.

Topic 20 - Closed End Credit - General Disclosure Requirements. The "Time of Disclosures" and "Early Disclosures" subtopics were revised.

Topic 22 - Closed End Credit - Certain Residential Mortgage and Variable Rate Transactions. The "Residential Mortgage Transactions Subject to RESPA" subtopic was revised.

Topic 26 - Closed End Credit - Right of Rescission. The second to last paragraph was revised under the "Coverage" subtopic.

Topic 27 - Closed End Credit - Advertising. The following subtopics were revised:

Advertisement of Rate of Finance Charge - All

Advertisement of Terms that Require Additional Disclosures - All

Catalogs or Other Multiple Page or Electronic Advertisements - All

The following subtopics were added:

Clear and Conspicuous Standard

Disclosure of Rate and Payments in Advertisements for Credit Secured by a Dwelling

Alternative Disclosures - Television or Radio Advertisements

Tax Implications

Prohibited Acts or Practices in Advertisements for Credit Secured by a Dwelling

Topic 28 - Special Rules for Certain Home Mortgage Transactions. Bullet points F. and G. under the "General" subtopic were revised. In addition, the "Prohibited Acts" subtopic was deleted and replaced with the following subtopics:

Prohibited Acts or Practices in Connection with Credit Secured by a Consumer's Dwelling

Prohibited Acts or Practices in Connection with Higher Priced Mortgage Loans

Prohibited Acts or Practices in Connection with Credit Secured by a Consumer's Principal Dwelling

What's Deleted

Topic 3 - Risk Management of Unfair or Deceptive Acts or Practices - General. This topic is now included in our Regulation AA Policy Template product.

Topic 4 - Risk Management of Predatory or Abusive Residential Mortgage Loans. This topic is now included in our Real Estate Loan Policy Template product.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Definitions - Topic 3

Exempt Transactions - Topic 4

Finance Charge - Topic 5

Open End Credit - General Disclosure Requirements - Topic 6

Open End Credit - Credit and Charge Card Applications and Solicitations - Topic 7

Open End Credit - Requirements for Home Equity Plans - Topic 8

Open End Credit - Initial Disclosure Statement Requirements - Topic 9

Open End Credit - Periodic Statement Requirements - Topic 10

Open End Credit - Identification of Transactions - Topic 11

Open End Credit - Subsequent Disclosure Requirements - Topic 12

Open End Credit - Prompt Crediting of Payments - Topic 13

Open End Credit - Treatment of Credit Balances - Topic 14

Open End Credit - Special Credit Card Provisions - Topic 15

Open End Credit - Billing Error Resolution Procedures - Topic 16

Open End Credit - Determination of Annual Percentage Rate - Topic 17

Open End Credit - Right of Rescission - Topic 18

Open End Credit - Advertising - Topic 19

Closed End Credit - General Disclosure Requirements - Topic 20

Closed End Credit - Content of Disclosures - Topic 21

Closed End Credit - Certain Residential Mortgage and Variable Rate Transactions - Topic 22

Closed End Credit - Subsequent Disclosure Requirements - Topic 23

Closed End Credit - Treatment of Credit Balances - Topic 24

Closed End Credit - Determination of Annual Percentage Rate - Topic 25

Closed End Credit - Right of Rescission - Topic 26

Closed End Credit - Advertising - Topic 27

Special Rules for Certain Home Mortgage Transactions - Topic 28

Audit Policy - Topic 29

Training and Monitoring Procedures - Topic 30

Retention of Documentation - Topic 31

Ordering Information

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

$375.00 - List Price

- or -

$75.00* - Update Price

*Applies only to clients who have purchased our Regulation Z Policy Template within the last three years in addition to the following prior update (if applicable):

Regulation Z Policy Template Update - 12/18/07 - $50.00

If you have ordered this product after 07/12/08 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).

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