Consumer Compliance Outlook: Third Quarter 2009

Compliance Alert: Regulation Z Interim Final Rule in Effect

On July 15, 2009, the Board announced an interim final rule for Regulation Z to implement sections 101(a) and 106(b) of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), which became effective on August 20, 2009, as follows:

Comments on the interim final rule were due by September 21, 2009. The other provisions of the CARD Act are being implemented in two phases and become effective on either February 22, 2010 or August 22, 2010. The Board will publish amendments to Regulation Z to implement these provisions in the future. The Board's announcement and the interim final rule are available at newsevents/press/bcreg/20090715a.htm External Site.