Fundamentals of Open-End Credit

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Consumer lending has undergone many changes within the past few years. Although the emphasis of most of these revisions were on closed-end consumer transactions, especially mortgage loans, financial institutions also originate open-end transactions, also known as lines of credit, including Home Equity Lines of Credit (HELOCs). Like closed-end mortgage loans, HELOCs are subject to a number of newer rules (including rules normally found under the closed-end requirements!). Financial institutions must be aware of those requirements that have existed for a while, as well as the newer obligations. This manual will review the open-end requirements and issues under various laws (e.g., What is the “outstanding principal balance” for flood insurance determinations?), but focusing on the Truth-in-Lending Act/Regulation Z. The manual will provide detailed analysis of the rules and serves as a valuable reference tool.


The manual includes discussions of:

Traditional open-end rules, including periodic statements and billing error rights:

Credit cards – an overview of the complicated requirements, including:


In addition to compliance requirements, various agency guidance