Posted on December 19, 2008 by Daniel O'Rielly

Fed Issues Final New Credit Card Rules

The Federal Reserve yesterday issued a press release and highlights detailing its final rules revising regulation AA, revising regulation DD, and revising regulation Z.  The new rules significantly alter the current regulations governing card issuers' payment billing cycles, allocation of payments, interest rate increases, security deposits and fees, credit card holds, and firm offers of credit. The new rules also make significant changes to overdraft protection linked to deposit accounts, including imposing an opt-out provision, eliminating overdraft charges resulting from debit holds, and changing required overdraft fee disclosures. 

The revised regulation AA and regulation Z take effect on July 1, 2010.  The revised regulation DD takes effect on January 1, 2010.  Separately, the Fed seeks public comment on proposed amendments to Regulation E governing electronic funds transfers.

The Office of Thrift Supervision also announced and detailed the similar new rules for its regulated entities, as did the National Credit Union Administration.

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