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Alerts
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Banking Agencies Adopt Rules to Protect Credit Card Customers and Federal Reserve Adopts Further Protections by Amending Regulations Z and DD
December 23, 2008
On Dec. 18, 2008, the Office of Thrift Supervision, the Federal Reserve Board (the “Board”) and the National Credit Union Association (the “Agencies”), pursuant to their authority under the Federal Trade Commission Act, adopted new credit card rules (the “Rules”) aimed at protecting consumers from unfair credit card acts or practices. The Rules, which will take effect in July 2010, will apply to all savings associations, banks and federal credit unions that issue credit cards (collectively, “Institutions”). The Rules will require Institutions to conform their practices in a way that provides greater transparency for consumers entering into credit card agreements. The Rules are intended to lessen the confusion and surprise that many consumers claim to experience as a result of credit card practices that they deem “unfair.”
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