|Subject:||Mandatory Compliance Date Lifted for Interim Rules Governing the Electronic Delivery of Certain Consumer Disclosures|
|Date of Memorandum:||09/25/2001|
|Expiration Date:|| |
|Signed By:||Smith, Roland|
|FCA Contact Person:||Holland, Tom|
|List of Attachments:|
September 25, 2001
To: The Chief Executive Officer
All Farm Credit System Institutions
From: Roland E. Smith, Director
Office of Examination
Subject: Mandatory Compliance Date Lifted for Interim Rules Governing the Electronic Delivery of Certain Consumer Disclosures
In an Informational Memorandum dated September 7, 2001, we informed you that the Board of Governors of the Federal Reserve System (FRB) recently issued interim final rules amending Federal Reserve Regulations B (Equal Credit Opportunity), M (Consumer Leasing), and Z (Truth in Lending) to establish uniform standards for the electronic delivery of Federally mandated disclosures. The interim rules had established a mandatory compliance date of October 1, 2001. However, the FRB is considering adjustments to the rules to provide additional flexibility to financial institutions and others covered by those rules. The FRB, therefore, lifted the October 1, 2001 compliance date. Once permanent final rules are issued, the FRB expects to afford institutions a reasonable period of time to comply with those rules.
If you have any questions about this memorandum, please call Tom Glenn, Special Examination and Supervision Division, Office of Examination, at (703) 883-4412, or write on the Internet at e-mail address Glennt@fca.gov.