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GAO-09-544R 1 (2009-04-02)

handle is hein.gao/gaobadwxe0001 and id is 1 raw text is: im T V WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317991 April 2, 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: Truth in Lending 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 (Federal Reserve), entitled Truth in Lending (Regulation Z; Docket No. R-1286). We received the rule on March 18, 2009. It was published in the Federal Register as a final rule on January 29, 2009. 74 Fed. Reg. 5244. The final rule amends Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The final rule will be effective on July 1, 2010. The final rule expands the circumstances under which consumers receive written notice of changes in the terms (e.g., an increase in the interest rate) applicable to their accounts, and increases the amount of time these notices must be sent before the change becomes effective. Specifically, the rule increases the advance notice before a changed term can be imposed from 15 to 45 days and requires the 45 days' prior notice before the creditor increases a rate either due to a change in the terms applicable to the consumer's account, the consumer's delinquency or default, or as a penalty. GAO-09-544R

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