May 28, 2007
Federal Reserve Board Issues Proposed Amendments to Reg Z
In a press release, the Board issued for public comment proposed amendments to Reg Z (Truth in Lending) that are intended to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving credit plans by ensuring that information is provided in a timely manner and in a form that is readily understandable.
FFIEC Publishes CRA Income Information
The information used to determine the borrower income levels of particular areas for the purposes of compliance with the Community Reinvestment Act is now available. The income levels are based on U.S. Census and 2007 Department of Housing and Urban Development estimated median family incomes for metropolitan statistical areas, metropolitan divisions and non-metropolitan portions of each state. The U.S. Census data, which are based on 2000 income data, were updated in 2004 to reflect revisions made by the Office of Management and Budget to the definitions and boundaries of metropolitan statistical areas and metropolitan divisions. The CRA rules classify the income level of a person or geography as low, moderate, middle or upper income based on the area's median income.