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GAO-09-945R 1 (2009-08-11)

handle is hein.gao/gaobadwxu0001 and id is 1 raw text is: I GA0 LV.WX11M§= Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-318497 August 11, 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: Board of Governors of the 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 Board of Governors of the Federal Reserve System (Board), entitled Truth in Lending (Docket No. R-1364). We received the rule on July 27, 2009. It was published in the Federal Register as an interim final rule; request for public comment on July 22, 2009. 74 Fed. Reg. 36,077. The interim final rule is effective on August 20, 2009, and comments must be received on or before September 21, 2009. The interim final rule amends Regulation Z in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009, Pub. L. No. 111-24, § 102, 123 Stat. 1734 (Credit Card Act) that are effective on August 20, 2009. The interim final rule pertains to advance notices of rate increases and changes in terms and the time consumers are given to make payments. More specifically, the interim final rule generally requires that creditors provide consumers with 45 days advance notice of rate increases and other significant changes to the terms of their credit card account agreements. In addition, the interim final rule generally prohibits a creditor from treating a payment as late or imposing additional finance charges unless the creditor mailed or delivered the periodic statement at least 21 days before the payment due date and the expiration of any period within which any credit extended may be repaid without incurring a finance charge, i.e., a grace period. GAO-09-945R

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