Federal Reserve Gov. Edward Gramlich on Tuesday said he expects the Fed to publish proposed revisions to regulations governing disclosures for consumer credit in 2006.
Gramlich, in testimony prepared for a Senate Banking Committee hearing, said consumer testing should be used to gauge the effectiveness of any proposed revisions.
The Truth in Lending Act is the primary federal law governing disclosures for consumer credit, including credit card accounts. It is implemented in the Federal Reserve Board of Governors’ Regulation Z. In December 2004, the board started a review of Regulation Z, and a public comment period recently closed.
For this complete story, please visit Fed’s Gramlich Sees New Credit Rules for Lenders in 2006.
