Posted on February 22, 2010 by Daniel O'Rielly

Rules Implementing the Credit CARD Act Effective Today

The Federal Reserve’s final rules amending Regulation Z to implement the significant revisions to laws governing credit cards pursuant to the Credit CARD Act of 2009 are effective today.
Among other things, the final rules will:

  • limit the application of increased rates to existing credit card balances.
  • require credit card issuers to consider a consumer’s ability to make the required payments.
  • establish special requirements for extensions of credit to consumers who are under the age of 21.

  • limit the assessment of fees for exceeding the credit limit on a credit card account.

Last week, the Federal Reserve announced a Credit Card website to help consumers better understand the credit card rules that take effect today. Two interactive features on the site enable consumers to learn more about credit-card offers’ terms and fees and about the new features on monthly statements. The Fed has also posted a summary of the rule changes for consumers.

Tags: , , , ,
Trackbacks (0) Links to blogs that reference this article Trackback URL
http://www.consumerfinancelitigation.com/admin/trackback/185357
Comments (0) Read through and enter the discussion with the form at the end
Post A Comment / Question Use this form to add a comment to this entry.







Remember personal info?
Send To A Friend Use this form to send this entry to a friend via email.