Reg Z (R-1378) NPRM Press Release

Printer Version - Board of Governors of the Federal Reserve System

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Press Release

Release Date: November 16, 2009
For immediate release
The Federal Reserve Board on Monday approved an interim final rule to implement a recent
statutory amendment requiring that notice be given to consumers when their mortgage loan has been
sold or transferred. The new disclosure requirement became effective immediately upon enactment
of the Helping Families Save Their Homes Act in May, 2009. Under that Act, a purchaser or
assignee that acquires a mortgage loan must provide the required disclosures in writing within 30
days.
To provide compliance guidance and greater certainty on the new requirements, the interim final
rule, revising Regulation Z (Truth in Lending Act), is effective upon publication. However, to allow
time for any necessary operational changes, compliance with the interim final rule is optional for 60
days. During the 60-day period, parties that acquire a mortgage loan continue to be subject to the
statute's requirements.
The Board is also soliciting comment on the interim rule for 60 days before considering the adoption
of a permanent rule.
The Board's notice is attached.
Attachment (103 KB PDF)

http://www.federalreserve.gov/newsevents/press/bcreg/20091116b.htm

11/17/2009