Truth in Lending, 7925 [2010-606]
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Federal Register / Vol. 75, No. 34 / Monday, February 22, 2010 / Rules and Regulations
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[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withdrawn as of February 22, 2010.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
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7925
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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]
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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
