AMENDMENTS TO REGULATIONS ISSUED

In response to a request for comment issued in April, the Federal Reserve recently announced amendments to Regulations B, E, M, Z, and DD.  Regulation B implements the Equal Credit Opportunity Act, Regulation E implements the Electronic Fund Transfer Act, Regulation M implements the Consumer Leasing Act, Regulation Z implements the Truth in Lending Act, and Regulation DD implements the Truth in Savings Act.  The amendments for each of these regulations would withdraw certain unnecessary portions of the March 2001 interim final rules that restate the E-Sign Act and impose burdens on e-banking that are unnecessary for consumer protection.  The new amendments also adopt provisions that would guide the use of electronic disclosures.

A copy of the Federal Reserve press release can be found here.