Send Comments on Reg Z Proposal - CARD Act Posted by AVCU on 10:37 AM

On July 15^th the Federal Reserve approved an interim final rule amending Regulation Z (Truth in Lending) requiring creditors to increase the amount of notice to cardholders before the rate on a credit card is increased or a significant change is made to account's terms (45 day notice). The amendment also allow consumers to reject such increases and changes by informing the creditor before they go into effect. These revisions are the 1^st phase of the Fed's implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Card) Act. The Credit Card Act's amendments to TILA go into effect in 3 stages. This interim final rule implements amendment that go into effect on 8/20/09. Remaining provisions go into effect on 2/22/10 and 8/22/10.

Credit union are encouraged to weigh in on this proposal. The closing date for comments is 9/21/09. You can read the interim final rule, read other’s comments already submitted, and submit your own comments at: Regulation Z - Truth in Lending [R-1364] Click on the pdf file.