WASHINGTON — If the Federal Reserve Board wants to keep its role in consumer protection, its best hope to convert skeptics may come today when it meets to propose amendments to Regulation Z, which implements the Truth-in-Lending Act.

The changes, which will likely enhance disclosures related to closed-end mortgages and fees paid to loan originators, would seem mundane at any other time. But as Congress considers taking consumer protection oversight away from the Fed and other banking regulators, there has rarely been a more important time for the central bank to demonstrate its commitment.

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