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GAO-09-421R 1 (2009-03-05)

handle is hein.gao/gaobadwxc0001 and id is 1 raw text is: I GA0 LV.W3L11 1= Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317846 March 5, 2009 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Federal Reserve System; Department of the Treastuy, Office of Thrift Supervision; and National Credit Union Administration: Unfair or Deceptive Acts or Practices Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Reserve System; Department of the Treasury, Office of Thrift Supervision; and National Credit Union Administration (the agencies), entitled Unfair or Deceptive Acts or Practices (Docket No. R-1314, RIN: 1550-AC17, and RIN: 3133-AD47). We received the rule on February 18, 2009. It was published in the Federal Register as a final rule on January 29, 2009, with a stated effective date of July 1, 2010. 74 Fed. Reg. 5498. The final rule prohibits institutions from engaging in certain acts or practices in connection with consumer credit card accounts that the agencies have determined are unfair or deceptive. The agencies have the authority to prohibit such practices under section 5(a) of the Federal Trade Commission Act. 15 U.S.C. § 45(a). The agencies do not intend this rule to be a complete list of all unfair or deceptive acts and practices; other acts or practices may raise concerns regarding unfairness or deception and the agencies plan to continue to address those practices on a case-by- case basis through supervisory and enforcement actions. The acts and practices prohibited by this rule include, first, a prohibition on institutions from treating a payment as late for any purpose unless consumers have been provided a reasonable amount of time to make the payment. The rule contains GAO-09-421R

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