WASHINGTON — The Oct. 1 deadline for using the revised Consumer Handbook on Adjustable Rate Mortgages–CHARM booklet–is fast approaching.
The Federal Reserve Board and Office of Thrift Supervision announced the availability of an updated version in December but gave lenders, including credit unions, until Oct. 1 to begin distributing the new CHARM to consumers. The booklet provides consumers with information about the features and risks of adjustable rate mortgages, likely of particular importance with the current subprime lending concerns and soft mortgage market.
According to the Federal Register notice from December, the CHARM booklet, or a suitable substitute, is required under the Truth in Lending Act and its implementing regulation (Reg Z). The new version supercedes the 1987 booklet, most recently reprinted in May 2005.
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