Truth in Lending

The Federal Reserve System Board of Governors is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that is in effect on June 1. The adjusted dollar amount for 2009 is $583. This adjustment does not affect the new rules for ``higher-priced mortgage loans'' adopted by the Board in July 2008. EFFECTIVE DATE: January 1, 2009.

Federal Reserve System - Consumer Advisory Council

SUMMARY: The Board of Governors is inviting the public to nominate qualified individuals for appointment to its Consumer Advisory Council, whose membership represents interests of consumers, communities, and the financial services industry. New members will be selected for three-year terms that will begin in January 2009. The Board expects to announce the selection of new members in early January. DATES: Nominations must be received by August 29, 2008. NOMINATIONS NOT RECEIVED BY AUGUST 29 MAY NOT BE CONSIDERED. ADDRESSES: Nominations must include a r[eacute]sum[eacute] for each nominee. Electronic nominations are preferred. The appropriate form can be accessed at: https://www.federalreserve.gov/secure/forms/cacnominationform.cfm. If electronic submission is not feasible, the nominations can be mailed (not sent by facsimile) to Sheila Maith, Advisor, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. FOR FURTHER INFORMATION CONTACT: Jennifer Kerslake, Secretary of the Council, Division of Consumer and Community Affairs, (202) 452-6470, Board of Governors of the Federal Reserve System, Washington, DC 20551.