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Informational Memorandum
Subject:TILA - RegulationZ
Date of Memorandum:09/06/2006
Expiration Date:
Office:OE
Signed By:Clark, Donald
FCA Contact Person:Stephens, David
Contact Phone:703-883-4412; 303-696-9737 ext. 2102
List of Attachments:703-883-4412

INFORMATIONAL MEMORANDUM


September 6, 2006


To: The Chief Executive Officer
All Farm Credit System Institutions

From: Thomas G. McKenzie, Director Donald P. Clark for TGM
Office of Examination

Subject: Regulation Z – Notice of Adjustment of Dollar Amount For Disclosures on Certain Home Mortgage Transactions


The Board of Governors of the Federal Reserve System (Federal Reserve Board) recently published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount. The dollar amount of the fee-based trigger has been adjusted to $547 for 2007 based on the annual percentage change reflected in the Consumer Price Index that was in effect on June 1, 2006. The adjustment is effective January 1, 2007. The Board’s notice is attached below.

The Home Ownership and Equity Protection Act of 1994 requires additional disclosures when total points and fees payable by the consumer exceed the fee-based trigger (initially set at $400 and adjusted annually) or 8 percent of the total loan amount, whichever is larger.

If you have any questions about this memorandum, please contact Dave Stephens, Director, Examination Policy Division, at (703) 883-4412 (e-mail address stephensd @fca.gov).

Attachment

Reg Z.pdf