Federal Reserve regulation implementing the consumer credit protections in the Truth in Lending Act of 1968, The major areas of the regulation require lenders to:
-give borrowers written disclosure on essential credit terms including the cost of credit expressed as a finance charge and an annual percentage rate.
-respond to consumer complaints of billing errors on certain credit accounts within a specified period.
-identify credit transactions on periodic statements of opened credit accounts.
-provide certain rights regarding credit cards.
-inform customers of the right of rescission in certain mortgage- related loans within a specified period.
-comply with special requirements when advertising credit.
body of regulations promulgated by the Federal Reserve Board pursuant to the federal truth in lending act that entrusts that administrative agency with supervision of compliance by all banks in the Federal Reserve System with the cost of credit disclosure requirements established under the Act. Under this regulation, lenders must inform borrowers of the annual percentage rate (APR) and the total cost of credit.
Federal Reserve Board regulation covering provisions of the consumer credit protection act of 1968, known as the Truth in Lending Act.
a federal regulation requiring creditor to provide full disclosure of the terms of a loan. Compliance is compulsory for anyone who arranges credit for more than 5 sales of residential real estate in a year. terms of the loan must be disclosed. The interest rate must be stated as an annual percentage rate(APR).
