Alerts

Federal Reserve Board Issues Interim Final Rule to Implement Certain Provisions of Credit CARD Act of 2009

July 17, 2009

On July 15, 2009, the Board of Governors of the Federal Reserve System (the “Board”) issued an interim final rule (the “Interim Rule”) to implement the provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “Credit CARD Act”) that become effective on Aug. 20, 2009. The Interim Rule, which amends the Board’s Regulation Z, primarily pertains to: (1) advance notices of rate increases and changes in terms and (2) the time consumers are given to make their payments. Comments on the Interim Rule must be submitted within 60 days after its publication in the Federal Register.