On September 24, 2010, the Federal Reserve Board (FRB) published in the Federal Register (75 FR 58489) a final rule amending Regulation Z by revising §226.39. The final rule implements Section 131(g) of the Truth in Lending Act (TILA), which was enacted on May 20, 2009, as Section 404(a) of the “Helping Families Save Their Homes Act.” (See our July 30, 2009 memorandum discussing Section 131(g) of TILA.) Section 131(g) of TILA became effective immediately (i.e., – May 20, 2009) and established a new requirement for notifying consumers of the sale or transfer of their mortgage loans. Consistent with Section 131(g), the final rule requires a person who acquires a mortgage loan to provide disclosures in writing notifying the consumer of the sale or transfer of the consumer’s mortgage loan no later than 30 days after the date on which the loan was sold, transferred or assigned. The final rule’s revision of §226.39 is substantially similar to the interim rule published by the FRB on November 20, 2009, which initially implemented Section 131(g) of TILA by adding §226.39. The final rule’s revision of §226.39 is effective as of January 1, 2011.