Posted on August 22, 2008 by Daniel O'Rielly

Comment Period Closes on Credit Card and Overdraft Rules

The comment period has closed for the Federal Reserve's sweeping proposed rule changes for credit cards and overdrafts.  The proposed revisions to Regulation AA, revisions to Regulation DD, and revisions to Regulation Z seek to redefine "unfair or deceptive acts or practices" in connection with credit card accounts and overdraft protection services.

The Federal Reserve reports receiving an unprecedented number of comments on these proposed regulations.  The Fed received nearly 50,000 comments on the proposed revisions to Regulation AA alone.  On a parallel track, the "Credit Cardholders Bill of Rights Act of 2008" (H.R. 5244), which would amend Truth in Lending Act to include new restrictions on billing and practices related to credit cards, is moving to the floor of the House.

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