On February 1st, the Federal Reserve Board announced that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau. Two of the proposals, issued in August 2009, would have reformed the consumer disclosures under TILA for closed-end mortgage loans and home equity lines of credit. The third proposal, issued in September 2010 included changes to the disclosures consumers receive to explain their right to rescind certain loans and would have clarified the responsibilities of the creditor if a consumer exercises that rescission right. Federal Reserve Board Press Release.