Implements the Truth in Lending Act

Prescribes uniform methods for computing the cost of credit, for disclosing credit terms, and for resolving errors on certain types of credit accounts

Applies to extensions of credit made to a consumer primarily for a personal, family, or household purpose, up to $25,000

• If secured by real estate or a consumer's principal residence, the $25,000 limit does not apply

Designed to aid consumers in comparison shopping for credit, Reg Z contains guidelines and restrictions on advertising

• Requires rates to be disclosed as Annual Percentage Rates APRs, and to take into account the finance charge
• Requires the disclosure of all of the costs associated with obtaining credit

Gives a right of rescission to those consumers whose ownership interest in a principal residence is subjected to a security interest in an extension of credit subject to the regulation

High-cost home mortgage loans comments due 4.8.08

To improve disclosures in connection with credit cards and open end credit plans  comments due 9.30.07

Withdrawing certain interim rules that were never made final and to clarify when electronic disclosures must be made in connection with electronic applications

YR 2008 fee-based trigger for certain credit terms and additional disclosures = $561  Press release and notice

• Annual adjustment of the dollar amount that triggers additional disclosure requirements in connection with high-cost home mortgage loans

12 CFR Part 226

Subpart A - General

Subpart B - Open-end credit

Subpart C - Closed-end credit

SEC_CODE_REF_0090001192884

Subpart D - Miscellaneous

Subpart E - Special rules for certain home mortgage
                     transactions

Subpart F - Electronic communication

Appendixes

Green Tree Financial v Randolph

• Upholding arbitration provision in consumer loan agreement

OCC Truth in Lending (TILA) Compliance Manual