Federal Reserve to Withhold Final Regulation Z Rulemakings

On February 1, the Federal Reserve Board announced it would not finalize pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority to the Bureau of Consumer Financial Protection (CFPB). The CFPB is slated to assume jurisdiction over TILA, as outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), on July 21, 2011. TILA rules currently pending before the Federal Reserve Board include consumer disclosures for closed-end mortgage loans and home equity lines of credit (Docket Nos. R-1366 and R-1367), as well as rules changing disclosures for consumers’ rights to rescind certain loans.
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