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GAO-10-925R 1 (2010-07-22)

handle is hein.gao/gaobadxbq0001 and id is 1 raw text is: im T V WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-320173 July 22, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. 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-1384). We received the rule on July 9, 2010. It was published in the Federal Register as a final rule on June 29, 2010, with a stated effective date of August 22, 2010. 75 Fed. Reg. 37,526. The final rule implements provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act)' by amending Regulation Z. Specifically, this rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The rule also requires credit card issuers to reevaluate at least every 6 months annual percentage rates increased on or after January 1, 2009. The rule further requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase. The Congressional Review Act requires major rules to have a 60-day delay in their effective date following their publication in the Federal Register or receipt by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). This rule was published in the 1 Pub. L. No. 111-24, 123 Stat. 1734 (May 22, 2009). GAO-10-925R

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