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GAO-11-620R 1 (2011-05-06)

handle is hein.gao/gaobadxel0001 and id is 1 raw text is: I GA 0 T M WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-321904 May 6, 2011 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking 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 (Board), entitled Truth in Lending (RIN: 7100-AD55). We received the rule on April 20, 2011. It was published in the Federal Registeras a final rule on April 25, 2011, with an effective and mandatory compliance date of October 1, 2011. 76 Fed. Reg. 22,948. Creditors may, at their option, comply with this rule prior to October 1, 2011. The final rule amends portions of the regulations and official staff commentary of final rules amending Regulation Z's provisions that apply to open-end (not home- secured) credit plans that the Board published in the Federal Register on February 22, 2010, and June 29, 2010. In each case the final rules were amended in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. Enclosed is our assessment of the Board's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Board complied with the applicable requirements. GAO- 11-620R

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