Truth in Lending, 7925 [2010-606]

Download as PDF Federal Register / Vol. 75, No. 34 / Monday, February 22, 2010 / Rules and Regulations 123456789_CreditUniversity.doc ................... University ................... $XX,XXX 123456789_CollegeofCreditAlumniAssn.pdf .. Alumni Association .... $XX,XXX [FR Doc. 2010–624 Filed 2–19–10; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Regulation Z; Docket No. R–1286] Truth in Lending cprice-sewell on DSKHWCL6B1PROD with RULES2 AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule; withdrawal. SUMMARY: The Board is withdrawing a final rule amending Regulation Z and the staff commentary to the regulation published on January 29, 2009 (January 2009 Regulation Z Rule). See 72 FR 5244. The Board is publishing a new final rule elsewhere in this Federal Register amending Regulation Z in order to implement the provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. The requirements of the January 2009 Regulation Z Rule have been revised for consistency with the Credit Card Act and incorporated in the new final rule. Therefore, the Board is withdrawing the January 2009 Regulation Z Rule as unnecessary. DATES: The final rule published on January 29, 2009, at 74 FR 5244, is withdrawn as of February 22, 2010. FOR FURTHER INFORMATION CONTACT: Stephen Shin, Attorney, or Amy Henderson or Benjamin K. Olson, Senior Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452–3667 or 452–2412; for users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263–4869. SUPPLEMENTARY INFORMATION: On December 18, 2008, the Board adopted a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA), and the official staff commentary. The rule followed a comprehensive review of TILA’s provisions for open-end (not homesecured) credit, including credit cards. The rule made comprehensive changes to those provisions, including amendments that affect all of the five major types of required disclosures: Credit card applications and solicitations, account-opening disclosures, periodic statements, notices VerDate Nov<24>2008 09:25 Feb 19, 2010 Jkt 220001 Page 3, Page 18, Page 30. Page 6, Page 24 ....... of changes in terms, and advertisements. The rule was published in the Federal Register on January 29, 2009, and the effective date for the amendments was July 1, 2010. See 74 FR 5244 (January 2009 Regulation Z Rule). On May 22, 2009, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) was signed into law. See Public Law 111–24, 123 Stat. 1734 (2009). The Credit Card Act primarily amends TILA and establishes a number of new substantive and disclosure requirements to establish fair and transparent practices pertaining to open-end consumer credit plans, including credit card accounts. Elsewhere in today’s Federal Register, the Board has published a new final rule amending Regulation Z and the staff commentary in order to implement provisions of the Credit Card Act that are effective on February 22, 2010. The provisions of the Board’s January 2009 Regulation Z Rule have been revised for consistency with the Credit Card Act and incorporated into the new final rule. Accordingly, the Board is withdrawing the January 2009 Regulation Z Rule. The new final rule is effective on February 22, 2010. However, to the extent consistent with the Credit Card Act, the Board has retained the July 1, 2010 mandatory compliance date for many of the provisions incorporated from the January 2009 Regulation Z Rule. The Board has provided additional discussion of the withdrawal of the January 2009 Regulation Z Rule and the mandatory compliance dates in the Supplementary Information for the new final rule. The final rule published on January 29, 2009, at 74 FR 5244, is withdrawn as of February 22, 2010. * * * * * By order of the Board of Governors of the Federal Reserve System, January 11, 2010. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 2010–606 Filed 2–19–10; 8:45 am] BILLING CODE 6210–01–P PO 00000 Frm 00269 Fmt 4701 Sfmt 4700 7925 25 1049 40 2098 FEDERAL RESERVE SYSTEM 12 CFR Part 227 [Regulation AA; Docket No. R–1383] Unfair or Deceptive Acts or Practices AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: On January 29, 2009, the Board published a final rule amending Regulation AA and the staff commentary to the regulation. The substantive requirements in the January 2009 Regulation AA Rule, which were scheduled to go into effect on July 1, 2010, have been superseded by provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) that go into effect on February 22, 2010. Elsewhere in this issue of the Federal Register, the Board is implementing these Credit Card Act provisions in a new final rule amending Regulation Z. Accordingly, in order to avoid duplication and inconsistency, the Board is further amending Regulation AA to remove the substantive requirements in the January 2009 Regulation AA Rule. For procedural reasons, these requirements will be removed effective July 1, 2010. However, it is the Board’s intent that the substantive requirements of the January 2009 Regulation AA Rule will not take effect. The Board issued its January 2009 Regulation AA Rule jointly with rules issued by the Office of Thrift Supervision (OTS) and the National Credit Union Administration (NCUA). This final rule applies only to the Board’s Regulation AA and does not affect the rules issued by the OTS and NCUA. DATES: This rule is effective July 1, 2010. FOR FURTHER INFORMATION CONTACT: Stephen Shin, Attorney, or Amy Henderson or Benjamin K. Olson, Senior Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452–3667 or 452–2412; for users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263–4869. SUPPLEMENTARY INFORMATION: On December 18, 2008, the Board used its authority under the Federal Trade E:\FR\FM\22FER2.SGM 22FER2

Agencies

[Federal Register Volume 75, Number 34 (Monday, February 22, 2010)]
[Rules and Regulations]
[Page 7925]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-606]


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FEDERAL RESERVE SYSTEM

12 CFR Part 226

[Regulation Z; Docket No. R-1286]


Truth in Lending

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; withdrawal.

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SUMMARY: The Board is withdrawing a final rule amending Regulation Z 
and the staff commentary to the regulation published on January 29, 
2009 (January 2009 Regulation Z Rule). See 72 FR 5244. The Board is 
publishing a new final rule elsewhere in this Federal Register amending 
Regulation Z in order to implement the provisions of the Credit Card 
Accountability Responsibility and Disclosure Act of 2009 that are 
effective on February 22, 2010. The requirements of the January 2009 
Regulation Z Rule have been revised for consistency with the Credit 
Card Act and incorporated in the new final rule. Therefore, the Board 
is withdrawing the January 2009 Regulation Z Rule as unnecessary.

DATES: The final rule published on January 29, 2009, at 74 FR 5244, is 
withdrawn as of February 22, 2010.

FOR FURTHER INFORMATION CONTACT: Stephen Shin, Attorney, or Amy 
Henderson or Benjamin K. Olson, Senior Attorneys, Division of Consumer 
and Community Affairs, Board of Governors of the Federal Reserve 
System, at (202) 452-3667 or 452-2412; for users of Telecommunications 
Device for the Deaf (TDD) only, contact (202) 263-4869.

SUPPLEMENTARY INFORMATION: On December 18, 2008, the Board adopted a 
final rule amending Regulation Z, which implements the Truth in Lending 
Act (TILA), and the official staff commentary. The rule followed a 
comprehensive review of TILA's provisions for open-end (not home-
secured) credit, including credit cards. The rule made comprehensive 
changes to those provisions, including amendments that affect all of 
the five major types of required disclosures: Credit card applications 
and solicitations, account-opening disclosures, periodic statements, 
notices of changes in terms, and advertisements. The rule was published 
in the Federal Register on January 29, 2009, and the effective date for 
the amendments was July 1, 2010. See 74 FR 5244 (January 2009 
Regulation Z Rule).
    On May 22, 2009, the Credit Card Accountability Responsibility and 
Disclosure Act of 2009 (Credit Card Act) was signed into law. See 
Public Law 111-24, 123 Stat. 1734 (2009). The Credit Card Act primarily 
amends TILA and establishes a number of new substantive and disclosure 
requirements to establish fair and transparent practices pertaining to 
open-end consumer credit plans, including credit card accounts. 
Elsewhere in today's Federal Register, the Board has published a new 
final rule amending Regulation Z and the staff commentary in order to 
implement provisions of the Credit Card Act that are effective on 
February 22, 2010. The provisions of the Board's January 2009 
Regulation Z Rule have been revised for consistency with the Credit 
Card Act and incorporated into the new final rule. Accordingly, the 
Board is withdrawing the January 2009 Regulation Z Rule.
    The new final rule is effective on February 22, 2010. However, to 
the extent consistent with the Credit Card Act, the Board has retained 
the July 1, 2010 mandatory compliance date for many of the provisions 
incorporated from the January 2009 Regulation Z Rule. The Board has 
provided additional discussion of the withdrawal of the January 2009 
Regulation Z Rule and the mandatory compliance dates in the 
Supplementary Information for the new final rule.
    The final rule published on January 29, 2009, at 74 FR 5244, is 
withdrawn as of February 22, 2010.
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, January 11, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-606 Filed 2-19-10; 8:45 am]
BILLING CODE 6210-01-P