United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2010_register executive 2010-06-29 article Part II Rules and Regulations D09002ee1c8018dae D09002ee1c8018e95 United States Federal Reserve System originator org United States Government Agency or Subagency The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The final rule also requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. The final rule also requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase. 75 FR 37526 https://www.govinfo.gov/app/details/FR-2010-06-29/2010-14717 2010-14717 FR29JN10-19 6210-01-P Regulation Z Docket No. R-1384 https://www.govinfo.gov/app/details/FR-2010-06-29/2010-14717 https://www.govinfo.gov/content/pkg/FR-2010-06-29/html/2010-14717.htm https://www.govinfo.gov/content/pkg/FR-2010-06-29/pdf/2010-14717.pdf Advertising Consumer Protection Federal Reserve System Reporting and Recordkeeping Requirements Truth in Lending 67 p. 37526 37592 75 FR 37526 Title 12 Part 226 12 CFR Part 226 Truth in Lending; Federal Register Vol. 75, Issue RULE 2010-14717 II FEDERAL RESERVE SYSTEM 2010-08-22 Regulation Z Docket No. R-1384 6210-01-P 2010-14717 Final rule.

The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The final rule also requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. The final rule also requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase.

Effective Date. The rule is effective August 22, 2010. Stephen Shin, Attorney, or Amy Henderson or Benjamin K. Olson, Senior Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667 or 452-2412; for users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263-4869. Advertising Consumer Protection Federal Reserve System Reporting and Recordkeeping Requirements Truth in Lending Regulation Z; Truth in Lending , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1091623&download=yes http://thomas.loc.gov http://www.bis.gov.uk/assets/biscore/corporate/docs/c/10-768-consumer-credit-card-consultation-response.pdf http://www.gao.gov/new.items/d06929.pdf http://www.moebs.com/AboutUs/Pressreleases/tabid/58/ctl/Details/mid/380/ItemID/65/Default.aspx http://www.oft.gov.uk/shared_oft/reports/financial_products/oft842.pdf http://www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Credit_Cards/Pew_Credit_Cards_Oct09_Final.pdf http://www.supremecourt.gov.uk/decided-cases/docs/UKSC_2009_0070_Judgment.pdf Vol. 75, no. 124 Office of the Federal Register, National Archives and Records Administration 2010-06-29 continuing daily deposited born digital 431 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2010-06-29 P0b002ee18027a012 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:FR29JN10 https://www.govinfo.gov/app/details/FR-2010-06-29 https://www.govinfo.gov/content/pkg/FR-2010-06-29/pdf/FR-2010-06-29.pdf https://www.govinfo.gov/content/pkg/FR-2010-06-29/xml/FR-2010-06-29.xml fdlp 37287 37706 DGPO 2010-06-29 2024-06-04 FR-2010-06-29 machine generated eng FR FR-2010-06-29 75 124