[Federal Register Volume 75, Number 34 (Monday, February 22, 2010)]
[Rules and Regulations]
[Page 7925]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-606]
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FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Regulation Z; Docket No. R-1286]
Truth in Lending
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; withdrawal.
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SUMMARY: The Board is withdrawing a final rule amending Regulation Z
and the staff commentary to the regulation published on January 29,
2009 (January 2009 Regulation Z Rule). See 72 FR 5244. The Board is
publishing a new final rule elsewhere in this Federal Register amending
Regulation Z in order to implement the provisions of the Credit Card
Accountability Responsibility and Disclosure Act of 2009 that are
effective on February 22, 2010. The requirements of the January 2009
Regulation Z Rule have been revised for consistency with the Credit
Card Act and incorporated in the new final rule. Therefore, the Board
is withdrawing the January 2009 Regulation Z Rule as unnecessary.
DATES: The final rule published on January 29, 2009, at 74 FR 5244, is
withdrawn as of February 22, 2010.
FOR FURTHER INFORMATION CONTACT: Stephen Shin, Attorney, or Amy
Henderson or Benjamin K. Olson, Senior Attorneys, Division of Consumer
and Community Affairs, Board of Governors of the Federal Reserve
System, at (202) 452-3667 or 452-2412; for users of Telecommunications
Device for the Deaf (TDD) only, contact (202) 263-4869.
SUPPLEMENTARY INFORMATION: On December 18, 2008, the Board adopted a
final rule amending Regulation Z, which implements the Truth in Lending
Act (TILA), and the official staff commentary. The rule followed a
comprehensive review of TILA's provisions for open-end (not home-
secured) credit, including credit cards. The rule made comprehensive
changes to those provisions, including amendments that affect all of
the five major types of required disclosures: Credit card applications
and solicitations, account-opening disclosures, periodic statements,
notices of changes in terms, and advertisements. The rule was published
in the Federal Register on January 29, 2009, and the effective date for
the amendments was July 1, 2010. See 74 FR 5244 (January 2009
Regulation Z Rule).
On May 22, 2009, the Credit Card Accountability Responsibility and
Disclosure Act of 2009 (Credit Card Act) was signed into law. See
Public Law 111-24, 123 Stat. 1734 (2009). The Credit Card Act primarily
amends TILA and 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.
Elsewhere in today's Federal Register, the Board has published a new
final rule amending Regulation Z and the staff commentary in order to
implement provisions of the Credit Card Act that are effective on
February 22, 2010. The provisions of the Board's January 2009
Regulation Z Rule have been revised for consistency with the Credit
Card Act and incorporated into the new final rule. Accordingly, the
Board is withdrawing the January 2009 Regulation Z Rule.
The new final rule is effective on February 22, 2010. However, to
the extent consistent with the Credit Card Act, the Board has retained
the July 1, 2010 mandatory compliance date for many of the provisions
incorporated from the January 2009 Regulation Z Rule. The Board has
provided additional discussion of the withdrawal of the January 2009
Regulation Z Rule and the mandatory compliance dates in the
Supplementary Information for the new final rule.
The final rule published on January 29, 2009, at 74 FR 5244, is
withdrawn as of February 22, 2010.
* * * * *
By order of the Board of Governors of the Federal Reserve
System, January 11, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-606 Filed 2-19-10; 8:45 am]
BILLING CODE 6210-01-P