Contact: Edmund D. Harllee; Williams Mullen (North Carolina & Virginia, USA)
On Thursday, January 10, the Consumer Financial Protection Bureau (the “Bureau”) issued a final rule amending its Regulation Z (Truth in Lending) in order to implement certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). At the same time, the Bureau issued proposed rules relating to the final rule.
On May 11, 2011, the Federal Reserve Board, at the time authorized to implement amendments to Regulation Z, issued proposed rules with respect to changes to the Truth in Lending Act mandated by the Act. Specifically, the proposed rules addressed changes to the “ability-to-pay” rule and certain related provisions. Authority to implement changes to Regulation Z has since passed to the Bureau. The proposed rules were reported in this publication on May 27, 2011.
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