7.28.2009
Federal Reserve Board Issues First Interim Final Rule Under the Credit Card Act of 2009
On July 15, 2008, the Federal Reserve Board (“FRB”) issued the first installment of rules amending Regulation Z and implementing the Credit Card Accountability, Responsibility and Disclosure Act of 2009. The interim final rule is effective on August 20, 2009; 90 days after President Obama signed the Credit Card Act of 2009 (“the Act”) into law. Lenders beware: some of the changes apply to all open-end consumer credit plans, not just to credit card accounts.