Federal Reserve System October 21, 2009 – Federal Register Recent Federal Regulation Documents

Change in Bank Control Notices; Acquisition of Shares of Bank or Bank Holding Companies
Document Number: E9-25308
Type: Notice
Date: 2009-10-21
Agency: Federal Reserve System, Agencies and Commissions
Truth in Lending
Document Number: E9-23733
Type: Proposed Rule
Date: 2009-10-21
Agency: Federal Reserve System, Agencies and Commissions
The Board proposes to amend Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. This proposal would establish 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. In particular, the proposed rule would 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, and limit the assessment of fees for exceeding the credit limit on a credit card account.