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Informational Memorandum
Subject:Truth in Lending (Regulation Z) Amendments - Credit Card Act
Date of Memorandum:03/23/2010
Expiration Date:
Signed By:McKenzie, Thomas
FCA Contact Person:Cohn, Jennifer
Contact Phone:703-883-4028
List of Attachments:Federal Register Document 75 FR 7658

Printer-friendly version => IM_TILA_03-23-10.pdf Attachment_75FR7658.pdf

March 23, 2010

To: Chief Executive Officer
All Farm Credit System Institutions

From: Thomas G. McKenzie, Director and Chief Examiner
Office of Examination

Subject: Truth in Lending (Regulation Z) Amendments – Credit Card Act

On February 22, 2010, the Federal Reserve Board published, effective that day, amendments to Regulation Z and the accompanying staff commentary. These amendments implemented provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). The amendments established a number of new disclosure requirements to establish fair and transparent practices pertaining to open-end consumer credit loans. While the focus of the amendments is on credit card accounts, it may also apply to certain open-end consumer credit loans originated within the Farm Credit System (FCS). FCS institutions must ensure compliance with these rules on applicable lending transactions.

The amendments were published in the Federal Register at 75 FR 7658 (see Attachment), and will be codified at 12 CFR Part 226. Mandatory compliance for specified provisions was effective on February 22, 2010 and for all other provisions on July 1, 2010.

If you have any questions about this memorandum, please contact Jennifer A. Cohn, Senior Counsel, Office of General Counsel, at (703) 883-4028, or by e-mail at; and/or David Stephens, Office of Examination, at (703) 883-4412, or by e-mail at