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September 3, 2007 News Archive

Creditors Must Use Revised CHARM Book Beginning Oct. 1 
Banks and other creditors must start using the revised Consumer Handbook on Adjustable-Rate Mortgages (the CHARM booklet) on Oct. 1, 2007. The revised booklet was announced in a Dec. 26, 2006, press release, and describes how interest-only and payment option mortgages typically work. The federal regulators gave financial institutions until Oct. 1 to use their existing stock of CHARM booklets. Creditors also have the option of using a suitable substitute information booklet.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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