Truth in Lending — 1994-12-02 [94-29624]

The Board is publishing for comment proposed amendments to Regulation Z (Truth in Lending). The amendments implement recent changes made to the Truth in Lending Act by the Riegle Community Development and Regulatory Improvement Act of 1994. The law imposes new disclosure requirements and substantive limitations on mortgages bearing high rates or fees. The amendments would provide greater protections to consumers entering into high-rate, high-fee mortgages. The law also imposes new disclosure requirements to assist consumers in comparing the cost of reverse mortgage transactions, which provide periodic payments to primarily elderly homeowners and rely principally on the home's value for repayment.