Regulation Z Checklist

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1 Regulation Z Checklist Open-End Credit 1. Are the credit and charge card early disclosures provided on or with all applications for credit and charge cards? (12 CFR 226.5a(a)) 2. Do the early disclosures for credit and charge cards contain the required information in the proper format? (12 CFR 226.5a(b) and 12 CFR 226.5(a) and (c)-(e)) (Note special disclosure contents and methods allowed for telephone, general public, and charge cards in.) (12 CFR 226.5a(d)-(f)) 3. Are the early home equity plan disclosures and home equity brochure provided at the time applications for home equity plans are provided (or mailed within three business days of receipt of an application by telephone, broker, or applications in a magazine or other publication)? (12 CFR 226.5b(b) and (e)) 4. Are the early home equity plan disclosures in the proper form and do they contain the required information? (12 CFR 226.5(a) and (c)-(e)), 12 CFR 226.5b(a) and (d)) 5. If a non-refundable fee is imposed on a home equity line of credit, is the fee imposed only after three business days after the consumer receives the disclosure and brochure? (12 CFR 226.5b(h)) 6. Do the institution s home equity plan loan agreements and practices follow the limitations and prohibitions in (12 CFR 226.5b(f))? 7. Is an initial open-end credit disclosure provided to consumers for all open-end loans before the first transaction is made under the plan? (12 CFR 226.5(b)) 8. Does the initial disclosure for all open-end credit plans contain the required information (12 CFR 226.6) and in the proper format? (12 CFR 226.5(a) and (c)-(e)) 9. Does the institution provide periodic statements for all required open-end accounts? (12 CFR 226.5(b)(2)(i)) 10. Are periodic statements mailed when required? (12 CFR 226.5(b)(2)(ii)) 11. Do the periodic statements contain the required information? (12 CFR 226.7) 12. Does the institution provide either the annual or periodic statement of billing rights? (12 CFR 226.9(a)) 13. Does the institution provide the required disclosures when an additional feature is added to or furnishes a credit device (e.g., credit card) for an existing account? (This does not include renewals, resupply, or the original issuance of the card.) (12 CFR 226.9(b)) 14. Is the required change in terms notice provided whenever a term contained in the initial disclosure is changed? (12 CFR 226.9(c)) 15. If an annual fee is imposed on a credit or charge card, is the required renewal notice provided on renewal of the account? (12 CFR 226.9(e)) 16. If the insurance provider is to be changed for credit card accounts, is the required notice provided? (12 CFR 226.9(f)) 17. Are payments on open-end accounts credited the day they are received (or within five days if non-conforming)? (12 CFR ) 1 Yes No

2 18. Are credit balances in excess of one dollar credited to the account; refunded within seven days of a consumer s written request; and refunded if they remain for more than six months? (12 CFR ) 19. Are credit cards issued on request or as a renewal or substitution of an accepted card? (12 CFR (a)) 20. Is the liability for credit card holders limited to the required amounts? (12 CFR (b)) 21. When credit card holders have a claim or defense against a person who honored the credit card, are the holders allowed to assert those claims and defenses against the institution to the extent allowed? (12 CFR (c)) 22. Does the institution prohibit offset against a consumer s other accounts for repayment of credit card accounts except as allowed? (12 CFR (d)) 23. Does the institution avoid the prohibited discounts and tie-in arrangements with respect to its credit cards? (12 CFR (f)) 24. Does the institution follow the required procedures when a consumer makes a claim of a billing error on an open-end account? (12 CFR ) 25. Is the annual percentage rate used for initial disclosures, early credit card disclosures, home equity plan disclosures, and advertising calculated by multiplying the periodic rate by the number of periods in a year? (12 CFR (a)) 26. Does this annual percentage rate for periodic statements include all charges that are considered finance charges under (12 CFR 226.4)? 27. Is the annual percentage rate for periodic statements calculated using one of the allowed methods? (12 CFR (b)) 28. For all loans to be secured by a consumer s principal dwelling, is each consumer with an ownership interest in the dwelling provided with two copies of the notice of their right to rescind the transaction? (12 CFR (b)) 29. For all loans subject to the right of rescission, does the institution delay providing funds and other performance until after the three-day rescission period has expired? (12 CFR (c)) 30. When a consumer properly rescinds a transaction, does the institution return all money received from the consumer, including amounts paid to third parties, within 20 days? (12 CFR (d)) 31. Does the institution only allow waivers of rescission in the case of bona fide personal emergencies? (12 CFR (e)) 32. If waivers are allowed, are they in writing, with printed waiver forms prohibited? (12 CFR (e)) 33. In advertisements for open-end loans, if they state specific credit terms, do they only state those terms that actually are or will be arranged or offered by the institution? (12 CFR (a)) 34. If advertisements for open-end loans contain triggering terms, do they also include the required additional information? (12 CFR (b)) (For catalog or other multi-page ads, note alternative available in 12 CFR (c).) 2

3 35. If advertisements for home equity plans include an affirmative or negative reference to any of the specific terms required to be disclosed in an initial disclosure under 12 CFR (a) or (b), do the ads include the additional information? (12 CFR (d)) 3

4 Open-End Credit (Rules Effective February 22, 2010) Yes No 1. Does the institution only use the term fixed in disclosures to describe the interest rate, unless they also specify a time period that the rate will be fixed and the rate will not increase during that period (such as a promotional rate period). If a time period is not specified and the account is described as a fixed-rate account, then will the rate not be increased increase as long as the plan is open? (12 CFR 226.5(a)(2)(iii)) 2. Timing of periodic statements (12 CFR 226.5(b)(2)(ii)) a. Due Date For credit card accounts under an open-end (not home-secured) consumer credit plan, does the institution have procedures designed to ensure that: i. Periodic statements are mailed or delivered at least 21 days prior to the payment due date; and ii. The card issuer does not treat as late for any purpose a required minimum periodic payment received by the card issuer within 21 days after mailing or delivery of the periodic statement disclosing the due date for that payment. b. Grace Period For all open-end consumer credit plans (not just credit cards). If the account offers a grace period, does the creditor adopt reasonable procedures designed to ensure that: i. Periodic statements are mailed or delivered at least 21 days prior to the date on which any grace period expires; and ii. The creditor does not impose finance charges as a result of the loss of a grace period if a payment that satisfies the terms of the grace period is received by the creditor within 21 days after mailing or delivery of the periodic statement? 3. Does the institution include the following on periodic statements for all open-end plans except home equity plans subject to the requirements of 12 CFR 226.5b: a. Due date; late payment costs (12 CFR 226.7(b)(11)), b. Repayment disclosures (12 CFR 226.7(b)(12)), and c. Format requirements for periodic statement (12 CFR 226.7(b)(13))? 4. For open-end (not home-secured) plans, does the institution provide the required prior written notice before implementing a significant change of account terms? (12 CFR 226.9(c)(2)) 5. For credit and charge card accounts that are subject to the early disclosure requirements of 226.5a, does the institution provide the required disclosures upon renewal of the credit or charge card? (12 CFR 226.9(e)) 6. For open-plans other than HELOCs that are subject to 226.5b, does the institution provide the required disclosures prior to an increase in rates due to delinquency or default or as a penalty? (12 CFR 226.9(g)) 7. When a consumer has a right to reject a change in terms, does the institution comply with the requirements when a consumer rejects the applicable significant changes in terms? (12 CFR 226.9(h)) 4

5 8. For all open-end consumer accounts, does the institution have the required reasonable requirements for repayment? (12 CFR (b)) 9. Does the institution comply with the requirements regarding crediting of payments when creditor does not receive or accept payments on due date? (12 CFR (d)) 10. For credit card accounts under an open-end (not home-secured) consumer credit plan, does the institution comply with the limitations on fees related to method of payment? (12 CFR (e)) 11. For accounts for which the institution is a card issuer, does the institution comply with the changes the address for payments for these accounts when applicable? (12 CFR (f)) 12. For credit card accounts under an open-end (not home-secured) consumer credit plan, does the institution comply with the requirements regarding timely settlement of estate debts? (12 CFR (c)) 13. In its advertising, does the institution only use the term fixed in disclosures to describe the interest rate unless they also specify a time period that the rate will be fixed and the rate will not increase during that period (such as a promotional rate period). If a time period is not specified and the account is advertised as a fixedrate account, then the rate will not be increased increase as long as the plan is open? (12 CFR (f)) 5

6 Closed-End Credit 1. Is a Truth-in-Lending disclosure provided to consumers for all closed-end loans before consummation of the transaction? (12 CFR (b)) (Note alternatives for multiple creditors and/or consumers under 12 CFR (d); mail or telephone orders under 12 CFR (g); a series of sales under 12 CFR (h); and student loans under 12 CFR (i).) 2. Are the Truth-in-Lending disclosures in the proper format? (12 CFR (a)) 3. Do the Truth-in-Lending disclosures contain all of the required information about the loan? (12 CFR12 CFR (c) and ) (Note alternatives for multiple creditors and/or consumers under 12 CFR (d); mail or telephone orders under 12 CFR (g); a series of sales under 12 CFR (h); and student loans under 12 CFR (i).) 4. Are the disclosed annual percentage rates accurate within the allowed tolerances? (12 CFR ) 5. For loans secured by a consumer s dwelling, are the Truth-in-Lending disclosures provided within three business days of the date the institution receives the written application (i.e., an early Truth-in-Lending disclosure) and at least seven business days prior to closing? (12 CFR (a)) a. Does the institution impose only a fee for credit reports until the consumer receives the early TIL? b. If the annual percentage rate (APR) on the early TIL becomes inaccurate, does the institution provide an accurate TIL at least three business days before closing? 6. When early Truth-in-Lending disclosures are provided, is a new disclosure provided before consummation if any term changes in the interim, making them inaccurate? (12 CFR (f)) 7. For loans longer than one year secured by a consumer s principal dwelling, if the annual percentage rate can increase after consummation, is an early adjustable rate mortgage program disclosure (early ARM disclosure) and the Federal Reserve Board s booklet on ARM loans provided at the time an application form is provided (or with three business days of receiving applications by telephone or through a broker) or before the consumer pays a nonrefundable fee, whichever is earlier? (12 CFR (b)) 8. Does the Early ARM disclosures contain all of the required information? (12 CFR (b)(2)) 9. Are new Truth-in-Lending disclosures provided to consumers when an existing loan is refinanced (i.e., the existing loan is satisfied and replaced by a new obligation)? (12 CFR (a)) 10. Are new Truth-in-Lending disclosures provided to consumers who assume a residential mortgage transaction loan? (12 CFR (b)) 11. For all loans for which an Early ARM disclosure was required, is a rate adjustment notice (ARM rate adjustment notice) provided to the consumers at least once each year during which an interest rate adjustment is implemented without an accompanying payment change, and at least 25, but no more than 120, calendar days before payment at a new level is due? (12 CFR (c)) 6 Yes No

7 12. Do the ARM rate adjustment notices contain all of the required information? (12 CFR (c)) 13. Are credit balances in excess of one dollar credited to the account; refunded within seven days of a consumer s written request; and refunded if they remain for more than six months? (12 CFR ) 14. For all loans to be secured by a consumer s principal dwelling, is each consumer with an ownership interest in the dwelling provided with two copies of the notice of their right to rescind the transaction? (12 CFR (b)) 15. For all loans subject to the right of rescission, does the institution delay providing funds and other performance until after the three-day rescission period has expired? (12 CFR (c)) 16. When a consumer properly rescinds a transaction, does the institution return all money received from the consumer, including amounts paid to third parties, within 20 days? (12 CFR (d)) 17. Does the institution only allow waivers of rescission in the case of bona fide personal emergencies? (12 CFR (e)) 18. If waivers are allowed, are they in writing, with printed waiver forms prohibited? (12 CFR (e)) 19. In advertisements for closed-end loans, if they state specific credit terms, do they only state those terms that actually are or will be arranged or offered by the institution? (12 CFR (a)) 20. When advertisements for closed-end loans state a rate of finance charge, do they state the rate as an annual percentage rate, using that term, and include no other rate other than the simple annual rate or periodic rate that is applied to an unpaid balance stated in conjunction with, but not more conspicuously than, the annual percentage rate? (12 CFR (b)) 21. When advertisements for closed-end loans state a rate and if the annual percentage rate can increase after consummation, do the advertisements state that fact? (12 CFR (b)) 22. If advertisements for closed-end loans contain triggering terms, do they also include the required additional information? (12 CFR (c)) (For catalog or other multi-page ads, note alternative available in 12 CFR (d).) Miscellaneous 1. Are records of compliance with Regulation Z (other than advertising) maintained for two years? (12 CFR ) 2. In oral responses to consumers inquiries about the cost of open-end credit, is only the annual percentage rates stated (except that the periodic rates also may be stated)? (12 CFR (a)) 3. In oral responses to a consumer s inquiry about the cost of closed-end credit, is only the annual percentage rate stated (except that a simple annual rate or periodic rate can also be stated if it is applied to an unpaid balance)? (12 CFR (b)) Yes No 7

8 4. For all consumer loans secured by a dwelling when (a) in the case of closed-end credit, the annual percentage rate may increase after consummation, or (b) in the case of open-end credit, the annual percentage rate may increase during the plan, does the loan agreement include the maximum interest rate that may be imposed during the term of the loan? (12 CFR ) 8

9 Special Rules for Certain Home Mortgage Transactions 1. Does the institution monitor all loans secured by a consumer s principal dwelling (except residential mortgage transactions) for loans that meet either the annual percentage rate or points and fees test for applicability of Section 32? (12 CFR (a)) 2. For loans subject to Section 32, is a Section 32 disclosure provided to consumers at least three business days prior to closing? (12 CFR (c)(1)) 3. Do the institution s Section 32 disclosures contain all of the required information? (12 CFR (d) and (c)) 4. If any changes in the terms of loans subject to Section 32 are made after the disclosure is provided, is a new disclosure provided reflecting the new terms at least three business days before closing? If not, are the changes initiated by the consumer and the required telephone and written disclosures provided? (12 CFR (c)(1)(i) and (ii)) 5. Are waivers of the three-day waiting period prohibited except in cases of bona fide personal emergencies? (12 CFR (c)(1)(iii)) 6. If waivers are allowed, are they in writing, with printed waiver forms prohibited? (12 CFR (c)(1)(iii)) 7. Do the institution s loan agreements for loans that are subject to Section 32 exclude the prohibited terms? (12 CFR (d)) 8. Does the institution avoid the prohibited acts and practices with respect to loans subject to Section 32? (12 CFR ) 9. For reverse mortgage loans, does the institution provide consumers with a reverse mortgage disclosure at least three business days prior to (i) consummation of a closed-end credit transaction; or (ii) the first transaction under an open-end credit plan? (12 CFR (c)(2)) 10. Do the institution s reverse mortgage disclosures contain all of the required information? (12 CFR (d) and (b)) 11. For loans subject to , does the institution comply with all of the prohibited acts and practices of ? (12 CFR ) 12. For higher priced mortgage loans, does the institution comply with all of the prohibited acts and practices of ? (12 CFR ) 13. Does the institution comply with the prohibited acts or practices in connection with credit secured by a consumer s principal dwelling? (12 CFR ) 14. For consumer credit transactions that are secured by the principal dwelling of a consumer, does the institution comply with the transfer of mortgage servicing notice requirements? 12 CFR Yes No 9

10 Subpart G Special Rules Applicable to Credit Card Accounts and Open-End Credit Offered to College Students (Effective February 22, 2010) 1. For applications for credit card accounts for a consumer under an open-end (not home-secured) consumer credit plan, does the institution comply with the requirements for evaluating the consumer s ability to repay? (12 CFR ) 2. For credit card accounts for a consumer under an open-end (not home-secured) consumer credit plan, does the institution comply with the limitations on fees? (12 CFR ) 3. For credit card accounts for a consumer under an open-end (not home-secured) consumer credit plan, does the institution comply with the allocation of payments requirements? (12 CFR ) 4. For credit card accounts for a consumer under an open-end (not home-secured) consumer credit plan, does the institution comply with the prohibition against double cycle billing? (12 CFR ) 5. For credit card accounts for a consumer under an open-end (not home-secured) consumer credit plan, does the institution comply with the limitations on increasing annual percentage rates, fees, and charges? (12 CFR ) 6. For credit card accounts for a consumer under an open-end (not home-secured) consumer credit plan, does the institution comply with the requirements for overthe-limit transactions? (12 CFR ) 7. Does the institution refrain from offering college students any tangible item to induce such student to apply for or open an open-end consumer credit plan on or near campuses or campus-sponsored events? 8. Does the institution comply with the reporting requirements for marketing agreements with colleges/universities? (12 CFR ) 9. For institutions who have 10,000 or more open credit card accounts, does the institution post the required credit card agreements on its web site and submit them to the Federal Reserve? (12 CFR ) 10. Evaluation of increased rate. If the institution increases an annual percentage rate that applies to a credit card account under an open-end (not home-secured) consumer credit plan, based on the credit risk of the consumer, market conditions, or other factors, or if the institution increased such a rate on or after January 1, 2009, and 45 days advance notice of the rate increase is required under 226.9(c)(2) or 226.9(g), did the card issuer: (12 CFR ) Evaluate the factors described in 226.9(d), below; and Based on its review of such factors, reduce the annual percentage rate applicable to the consumer s account, as appropriate. Note: This provision is effective as of August 22, Yes No 10

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