July 5, 2004 News Archive

Board Withdraws Proposal on "Clear and Conspicuous" Consumer Disclosures
In a press release, the Board announced on Tuesday that it withdrew its proposal to create more uniform standards of "clear and conspicuous" disclosures for Regulation B (Equal Credit Opportunity), Regulation E (Electronic Fund Transfers), Regulation M (Consumer Leasing), Regulation Z (Truth in Lending), and Regulation DD (Truth in Savings). Based on the comments received, the Board decided to focus on improving the effectiveness of individual disclosures rather than adopt general definitions and standards that would apply to all five regulations. The Board said the effort will be a part of its regular review of regulations.

Request for Comment on Proposed Rule on Affiliate Marketing Opt Out
In a joint press release, the federal financial agencies issued proposed regulations that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. Comment is requested within 30 days of publication in the Federal Register.

Agencies Announce Publication of Final Basel II Text and Outline U.S. Implementation Efforts
In a joint press release, the federal banking agencies announced that the Basel Committee on Banking Supervision released its "International Convergence of Capital Measurement and Capital Standards: A Revised Framework," also referred to as Basel II.