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The Board is adopting a complete revision of its Regulation Z (Truth in Lending). The revision implements the Truth in Lending Simplification and Reform Act (Title VI of the Depository Institutions Deregulation and Monetary Control Act of 1980, Pub. L. 96-221) and substantially alters the requirements and the structure of the current regulation. Within the last year, the Board has twice published proposed revisions of the regulation (45 FR 29702, May 5, 1980, and 45 FR 80648, December 5, 1980) and received more than 1000 comments on those proposals. The new regulation becomes effective on April 1, 1981, but creditors have the option of continuing to comply with current Regulation Z until March 31, 1982. Beginning April 1, 1982, creditors subject to Regulation Z must comply with the revised regulation. The Board has consolidated the consumer leasing provisions contained in current Regulation Z and is publishing them as a separate regulation (Regulation M, 12 CFR 213) published elsewhere in this issue.
