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Informational Memorandum
Subject:Amendments to Open-End Consumer Credit Provisions of Regulation Z (Truth in Lending)
Date of Memorandum:09/16/2009
Expiration Date:
Signed By:McKenzie, Thomas
FCA Contact Person:Cohn, Jennifer
Contact Phone:703-883-4028
List of Attachments:

Printer-friendly version => IM-Reg Z-Truth in Lending 9-16-09.pdf

September 16, 2009

To: Chief Executive Officer
All Farm Credit System Institutions

From: Thomas G. McKenzie, Director and Chief Examiner
Office of Examination Subject: Amendments to Open-End Consumer Credit Provisions of Regulation Z (Truth in

The Federal Reserve Board (FRB) recently approved an interim final rule amending Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) that became effective on August 20, 2009. Most of the provisions pertain only to consumer credit card accounts, but one provision – a requirement that creditors must mail or deliver periodic statements at least 21 days before the payment is due – applies to all open-end consumer credit accounts.

The interim final rule was published in the Federal Register on July 22, 2009, at 74 FR 36077. Its effective date was August 20, 2009. A link to the FRB’s press release announcing the rule follows.

If you have any questions about this Informational Memorandum, please contact Jennifer A. Cohn, Senior Counsel, Office of the General Counsel, at (703) 883-4020, or by e-mail at; and/or David Stephens, Office of Examination, at (703) 883-4412, or by e-mail at