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CFPB | RIN: 3170-AA21 | Publication ID: Spring 2013 |
Title: Credit Card Pre-Opening Account Fees (Regulation Z) | |
Abstract: Regulation Z generally limits the total amount of fees that a credit card issuer may require a consumer to pay with respect to an account during the first year after account opening to 25 percent of the credit limit in effect when the account is opened. In April 2011, the Board of Governors of the Federal Reserve System further amended Regulation Z to extend the limitation to include fees the consumer is required to pay prior to account opening. In September 2011, the U.S. District Court for South Dakota issued a preliminary injunction preventing this amendment from taking effect. In June 2012 the CFPB proposed a regulation to amend Regulation Z to apply the 25 percent limitation only during the first year after account opening. On March 28, 2013, the CFPB published a final rule. | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1026.52 | |
Legal Authority: 15 USC 1604(a) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Related RINs: Related to 7100-AD55 | |
Agency Contact: Stephen Shin Office of Regulations Consumer Financial Protection Bureau Phone:202 435-7700 |