Final Rule: Truth in Lending (Regulation Z)

Federal Register: August 14, 2009
Volume 74, Number 156
[Final Rule]
[Page 41193-41257]
[pdf version of document]

12 CFR Part 226
[Regulation Z; Docket No. R-1353]

Truth in Lending

AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; official staff commentary.
SUMMARY: The Board is publishing final rules amending Regulation Z,  which implements the Truth in Lending Act (TILA) following the passage of the Higher Education Opportunity Act (HEOA). Title X of the HEOA amends TILA by adding disclosure and timing requirements that apply to creditors making private education loans, which are defined as loans made for postsecondary educational expenses. The HEOA also amends TILA by adding limitations on certain practices by creditors, including limitations on ``co-branding'' their products with educational institutions in the marketing of private education loans. The HEOA requires that creditors obtain a self-certification form signed by the consumer before consummating the loan. It also requires creditors with preferred lender arrangements with educational institutions to provide certain information to those institutions.

DATES: Effective Date: September 14, 2009.
    Compliance Date: Compliance is optional until February 14, 2010.


Publication Date: 8/14/2009

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