Truth in Lending: 10.2.10.3 Former Temporary Waiver Rules for Disaster Areas
On three occasions in the past, Congress authorized the FRB to make exceptions to TILA in disaster areas declared by the President, so that the bona fide personal emergency was assumed and the right to rescind could be waived via preprinted forms.279 That authority, and its renewals, expired more than ten years ago. Nevertheless, the text of the exceptions that the FRB adopted remained in Regulation Z for over a decade until they were deleted when the regulation was transferred to the CFPB.