Truth in Lending: 6.7.8.5 Disclosure of Year-to-Date Totals at End of Calendar Year
Creditors are required to disclose year-to-date totals for “Interest” and “Fees.”1555 Most open-end creditors send monthly periodic statements; however, the billing cycle often does not coincide with calendar months. For example, a creditor may have a billing cycle begin on the tenth day of each month and ends on the 9th day of the next month. In disclosing calendar year-to-date totals for such accounts, these creditors have two options for disclosing the year-to-date total at the end of the calendar year.