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Federal Reserve Board issues minor revision to Regulation Z

November 22, 2010
The Federal Reserve Board has clarified that where the word "amount" is used in Regulation Z to describe disclosure requirements, it refers to a number, not a narrative description, unless the regulation indicates otherwise. Regulation Z implements the Truth-in-Lending Act, which generally requires creditors, including dealers, to provide clear disclosure of credit terms and costs to consumers. The Fed also clarified that when a creditor provides initial disclosures in a language other than English, it need not provide subsequent disclosures in that language. That provision permits creditors to provide TILA disclosures in languages other than English, so long as English versions are available to consumers upon request. The revisions became effective April 1, although compliance is not mandatory until Oct. 1. To review the Fed's action, see press/bcreg/2004/20040326/attachment.pdf