Federal Reserve System: Truth in Lending
GAO-11-620R: May 6, 2011
- Full Report:
GAO reviewed the Federal Reserve System's (Board) new rule on Truth in Lending. GAO found that (1) the final rule amends portions of the regulations and official staff commentary of final rules amending Regulation Z's provisions that apply to open-end (not home-secured) credit plans that the Board published in the Federal Register on February 22, 2010, and June 29, 2010. In each case the final rules were amended in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009; and (2) the Board complied with applicable requirements in promulgating the rule.