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®: CRE Regulatory Action of the Week

FED Proposes to Amend Open-End Credit Rules and 2009 FTC Act Rule
On May 5, 2009, the U.S. Federal Reserve Board published notice that it was proposing to amend recently promulgated rules that apply to open-end (not home-secured) credit plans. On the same day, the FED, the Office of Thrift Supervision, and the National Credit Union Administration published notice that they were proposing to amend recently promulgated rules prohibiting institutions from engaging in specific acts or practices in connection with consumer credit card accounts.

These notices explained that
    "clarification is needed to resolve confusion regarding how institutions will comply with particular aspects of those rules. Accordingly, in order to provide guidance and facilitate compliance with the January 2009 Rule by the effective date, the Agencies propose to amend portions of the rule and the accompanying staff commentary."

    ***.

    "Although comment is requested on the proposed amendments, the Agencies emphasize that the purpose of these rulemakings is to clarify and facilitate compliance with the final rule, not to reconsider the need for--or the extent of--the protections that the rule affords consumers. Thus, commenters are encouraged to limit their submissions accordingly."
Comments on the proposed rule amendments must be received on or before June 4, 2009. Comments on the Paperwork Reduction Act analysis accompanying the proposals must be received on or before July 6, 2009.

  • Click here to read open-end credit notice
  • Click here to read consumer credit notice