Initial Press Release

FRB: Press Release--Request for comment on proposed amendments to ...ending regulations, Regulations B, E, M, Z, and DD--April 20, 2007

Press Release

Release Date: April 20, 2007

For immediate release
The Federal Reserve Board on Friday requested public comment on proposed amendments to five consumer
financial services and fair lending regulations (Regulations B, E, M, Z, and DD) to clarify the requirements for
providing consumer disclosures in electronic form.
In 2001, the Board published interim final rules to establish uniform standards for the electronic delivery of
disclosures. However, the mandatory compliance date for these rules was later lifted and institutions are not
required to comply with the interim final rules. Since that time, the Board has not taken further action with
respect to the interim final rules in order to allow electronic disclosure practices to continue to develop
without regulatory intervention and to allow the Board to gather further information about these practices.
The proposal issued for comment today would simplify the Board’s rules by (1) withdrawing certain portions
of the 2001 interim final rules that restate or cross-reference provisions of the Electronic Signatures in Global
and National Commerce Act (E-Sign Act) and accordingly are unnecessary; (2) withdrawing provisions of the
interim rules that may impose undue burdens on electronic banking and commerce and may be unnecessary
for consumer protection; and (3) retaining certain provisions of the interim final rules that provide guidance
on the use of electronic disclosures.
The proposal would also implement certain provisions of the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005, which mandates certain disclosures for online credit card solicitations.
The comment period ends sixty days after publication of the attached notices in the Federal Register, which
is expected shortly.
Federal Register Notices
Regulation B (117 KB PDF)
Regulation E (98 KB PDF)
Regulation M (153 KB PDF)
Regulation Z (221 KB PDF)
Regulation DD (157 KB PDF)
2007 Banking and Consumer Regulatory Policy

http://www.federalreserve.gov/newsevents/press/bcreg/20070420a.htm [11/9/2007 10:18:40 AM]