I attented a conference call on this yesterday with Metavante Compliance and will share a few comments.
First - recognize the FRB has not issued the final ruling on this section of Reg Z to be effextive 7/30/09. It is due out any time, however the language shown above may be subject to change.
Regarding your items:
1. My impression is yes the language would also be in the final TIL.
2. If you provide a corrected TIL earlier in the process (say more than 3 days) and then when perfecting closing fees, the closing agent adds a prepaid finance charge item, you would most likely want a final TIL to reflect the most accurate info, even if it is within the allowable tolerance. We are seeing many last minute fees tacked on by closing agents that are PPFC items and can be critical.
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Old School Banker