View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
FRS RIN: 7100-AD49 Publication ID: Fall 2010 
Title: ●Regulation Z--Truth in Lending (Docket No. R-1384) 
Abstract: The Board proposes to amend 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 goes into effect on August 22, 2010. In particular, the proposed rule would require that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The proposed rule would also require credit card issuers to reevaluate at least every six months the annual percentage rates increased on or after January 1, 2009. On March 15, 2010, the Board published proposed amendments to Regulation Z (Truth in Lending) in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act that went into effect on August 22, 1010 (75 FR 12334). The proposed rule would have required that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The proposed rule also would have required credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. On June 29, 2010, the Board published final rules finalizing the March 2010 proposal (75 FR 37526). 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 226   
Legal Authority: 15 USC 1601 et seq   
Legal Deadline:
Action Source Description Date
Final  Statutory    02/22/2011 
Timetable:
Action Date FR Cite
Board Issued Final Rule on  06/29/2010  75 FR 37526   
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses, Organizations  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Agency Contact:
Amy Henderson
Senior Attorney
Federal Reserve System
Phone:202 452-3667