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GAO-10-572R 1 (2010-04-06)

handle is hein.gao/gaobadxal0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-319486 April 6, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus 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 (Docket No. R-1370). We received the rule on March 22, 2010. It was published in the Federal Register as a final rule on February 22, 2010. 75 Fed. Reg. 7658. The final rule was effective February 22, 2010. The final rule amends Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. The final rule establishes a number of new substantive and disclosure requirements to establish fair and transparent practices pertaining to open-end consumer credit plans, including credit card accounts. In particular, the rule limits the application of increased rates to existing credit card balances, requires credit card issuers to consider a consumer's ability to make the required payments, establishes special requirements for extensions of credit to consumers who are under the age of 21, and limits the assessment of fees for exceeding the credit limit on a credit card account. The final rule, a major rule under the Congressional Review Act (CRA), has an announced effective date of February 22, 2010. CRA requires a 60-day delay in the GAO-10-572R

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