Consumer Law

Fed Issues Interim Final Rule Implementing Credit CARD Act

By Jeff Sovern

by Jeff Sovern

The Fed announced today that it is issuing an Interim Final Rule implementing provisions of the Credit CARD Act that take effect in August.  The announcement states that the provisions "primarily pertain to advance notices of rate increases and changes in terms and the time consumers are given to make their payments."  Though the Rule will take effect August 20, comments (identified by Docket No. R-1364) may be submitted at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.  After noting that additional rulemakings are required to implement the Credit CARD Act, the Board said this about its plans for the regs adopted last winter:

To the extent appropriate, the Board intends to use its January 2009 rules and the underlying rationale as the basis for its rulemakings under the Credit Card Act. The Board also intends to retain those portions of its January 2009 Regulation Z Rule that are unaffected by the Credit Card Act. The Board is not withdrawing any provisions of the January 2009 Regulation Z Rule or its January 2009 FTC Act Rule at this time. The Board anticipates that in connection with finalizing rules for those provisions of the Credit Card Act that are effective February 22, 2010, it will amend or withdraw those portions of the January 2009 rules that are inconsistent with the requirements of the Credit Card Act. In particular, the Board anticipates that all of the requirements in its January 2009 FTC Act Rule will be withdrawn from Regulation AA and moved into Regulation Z, consistent with Congress?s approach of amending the Truth in Lending Act.  Finally, except as otherwise noted, the Board intends to consider comments received on the proposed clarifications and technical amendments that were published on May 5, 2009 and to incorporate final clarifications and amendments, to the extent appropriate, when it promulgates final rules in the second stage of its rulemaking.

 

Full post as published by CL&P Blog on July 15, 2009 (boomark / email).

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