Hoping to clarify several provisions in the Truth-in- Lending rules, the Federal Reserve Board on Friday issued a revised staff commentary.

The new commentary reflects changes the Fed made to Regulation Z last fall after Congress amended the disclosure law. It includes guidance on how to disclose certain mortgage fees. Also it requires lenders to include all mortgage broker fees in the annual percentage rate. The commentary also clarifies how bankers should treat debt cancellation agreements, which are similar to credit insurance. Lenders must disclose the costs of the contracts, but they do not have to include them in the annual percentage rate.

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