Joint Release
Board of Governors of the Federal Reserve System
Office of Thrift Supervision
National Credit Union Administration
For immediate release April 21, 2009
Washington - The Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union Administration today proposed clarifications to aspects of their December 2008 final rules under the Federal Trade Commission Act (FTC Act) prohibiting certain unfair credit card practices. The Federal Reserve Board also proposed clarifications to its December 2008 final rule under the Truth in Lending Act (TILA) amending Regulation Z to improve the disclosures consumers receive in connection with credit card accounts and other revolving credit plans.
The proposals are intended to facilitate compliance with the December 2008 final rules without reducing protections for consumers. They would resolve areas of uncertainty and make technical corrections to ensure that institutions are able to come into compliance with the rules on or before the July 1, 2010 effective date. In particular, the proposals would clarify that:
The Federal Register notices are attached. Comments on the proposals must be submitted within 30 days after publication in the Federal Register, which is expected shortly.
Attachments
Media contacts:
Federal Reserve Susan Stawick 202-452-2955
NCUA Cherie Umbel 703-518-6337
OTS William Ruberry 202-906-6677
1700 G Street, NW, Washington, DC 20552
Phone (202) 906-6000 | E-mail