Credit Card Rule Amendments - 2008
Laws and legal information about credit card rule amendments in 2008
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Key Documents: Credit Card Practices
Final Reg. AA amendments JAN 29, 2009Final Reg. Z Amendments JAN 29, 2009Press Release re final amendments DEC 18, 2008Proposed Reg. Z amendments MAY 19, 2008Proposed Reg. AA amendments MAY 19, 2008Press Release re proposed amendments to Regs. Z and AAMAY 2, 2008 Read more
Analysis: Reg. Z and AA Amendments
Morrison & Foerster DEC 2008Sidley & AustinDEC 2008 Read more
Highlights of Final Rules Regarding Credit Card Accounts
The Federal ReserveRegulation AA (Unfair Acts or Practices) Final RuleThe final rule amends Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts. The effective date for the Regulation AA amendments is July 1, 2010.Time to Make PaymentsThe final rule prohibits banks from treating a payment as late for any purpose unless the bank provides a reasonable amount of time for the consumer to make that payment. The rule provides a safe harbor for banks that send periodic statements at least 21 days prior to the payment due date.Allocation of PaymentsWhen different annual percentage rates (APRs) apply to different balances on a credit card account (for example, purchases, balance transfers, cash advances), the final rule requires banks to allocate payments exceeding the minimum payment to the balance with the highest rate first or pro rata among all of the balances. Read more