I was wondering if anyone can clarify whether advertising a HELOC by describing the rate as "Prime minus 1%" is OK or whether the advertising must list 2 decimal places (i.e. Prime minus 1.00%), even though they would be zero's. We don't do much lending advertising and I know on deposits you must list something to 2dp, but am not sure how to pursue this. We are including full disclsoures, as we have taken the stand that it is a disernable rate and therefore we have included all the required verbiage.

Thanks

We currently advertise in this same manner.

Truth in lending does not prescribe how many decimals to display in advertising. But do recognize that you have to include a current APR in the ad, along with the other triggered statements required by the regulation.