On the FDIC DCP Quarterly newsletter for March (Vol 2 Issue 8), newsletter on pg 2, they have a section talking about concerns with HELOCs (below is an excerpt):

Charges (other than finance charges) debited to a HELOC account are not itemized or identified by type on the periodic statement (Section 1026.7(a)(6)(ii)). For example, an appraisal fee that is financed by an advance on the line should be itemized as “Appraisal Fee…$XX” on the periodic statement. This also applies to other fees debited to the account during the life of the account, such as an annual fee. The Official Interpretations to the rule provide additional guidance on how to identify charges. For example, even though the taxes and filing or notary fees excluded from the “finance charge” under 1026.4(e) are not required to be disclosed as “other charges” under 1026.6(a)(2), these charges may be included in the amount shown as “closing costs” or “settlement costs” on the periodic statement, if the charges were itemized and disclosed as part of the closing costs or settlement costs on the initial disclosure statement.


My question is: where it states “…if the charges were itemized and disclosed as part of the closing costs or settlement costs on the initial disclosure statement”, are they referring to the HELOC application (early) disclosure when they say “initial disclosure statement”, or are they referring to the Credit Agreement and Disclosure (Note) provided at closing?

The account opening disclosure which probably equates to your Credit Agreement and Disclosure (Note)

So, if it is pertaining to the note, then whatever is disclosed on the early application disclosure doesn't mean a thing?