Does the Fed still produce "When Your Home is On the Line" or has it been renamed "What You Should Know About HELOC"? They both seem to contain the same info.

It's the same document. That's the full name of it.

Does anyone know when the new booklet will be available? I went online to order and it is still the old booklet.

The "What You Should Know about Home Equity Lines of Credit" consumer information guide has been revised by the FRB. What You Should Know 7/10/08 http://www.federalreserve.gov/pubs/equity/equity_english.htm

I followed the link provided in today's BOL Top stories and got to the HTML version of the booklet. http://www.federalreserve.gov/pubs/equity/equity_english.htm

I then went to the FRB's home page to see if there was a press release announcing the new booklet and instructing whether we can exhaust our existing supply of booklets before using the new one's. I could find no guidance from the FRB on this.

I decided to look at the HTML version and compare it to the hard copy that my bank is currently distributing. If you scroll down to the bottom of the page where the FRB has the HTML version of the booklet, it says "Last update: July 9, 2008." I see they added a section entitled "What if the lender freezes or reduces your line of credit?" I saw other minor changes to wording in other sections.

If you click on the link for the Glossary and scroll down to the bottom of the page, it says "Last update: July 8, 2008."

If you click on the link for the Checklist and scroll down to the bottom of the page, it says "Last update: July 9, 2008." The checklist looks just like the one in the booklet my bank is distributing.

If you click on the link for Federal Agency Contacts, it takes you to a page that provides contact information for multiple federal agencies. It does not state a revision date. It lists many more agencies than are in the brochure that my bank is currently distributing. It also does not contain the same opening paragraph that said "The following federal agencies are responsible for enforcing the Federal Truth In Lending Act, the law that governs disclosure of terms for home equity lines of credit. Questions concerning compliance with the act by a particular financial institution should be directed to the institution's enforcement agency." It does seem to have updated phone numbers and addresses for some of the agencies that were in the hard copy of the booklet my bank distributes.

I too looked at the Fed website for some sort of press release. So can we use what we have (I just got a new shipment) or do we need to order the new ones now?

I've compared the 7/9/08 booklet to the old and there have been many changes to the content, not just the addition of the section "What if the lender freezes or reduces your line of credit", but the Glossary definitions have changed and the "Where to Go for Help" contains information for all types of financial institutions, credit unions, mortgage companies, and the like. Because of the changes, I doubt there will be a press release saying we can use up our current stock. Order the revised booklet and destroy the old ones. Play it safe.

Unless it has been updated today (I didn't check) the order form online still is for the old version. Are you ordering it anyway and hoping they send you the new version?

SkiDoo, I wouldn't assume that they will send you the newest version. You might want to wait awhile or call them if possible and ask what version they will send.

We downloaded the booklet as a PDF and use it electronically. It is available on an internal web site for loan operations. When a loan officer or personal banker, needs the booklet or disclosure, it can be printed and given to the applicant in a face to face. If the application is received any other way, tour centralized loan operations area prints and sends the disclosures within 3 business days, or a booklet is printed and sent. This way we ensure there are no old, paper disclosures or booklets that might make it into the hands of the consumer.

We do this as well....no more ordering and maintaining a supply.....that's nice! However, some lenders still like to print out a few to have "in their desks." This is a problem because no matter how many times I notify lenders to destroy any existing copies, the task never gets done across the board. But I guess that also happens when you send out new hard copy booklets. There are always a few of the old version that float around for a while.