This story appeared in Bank Digest.
The Fed has sent CA 10-10 to its examiners that the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved interagency examination procedures for Regulation Z—Truth in Lending. These revised procedures supersede the Regulation Z interagency examination procedures transmitted with CA 10-6. The Fed's alert notes that the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) amended the Truth in Lending Act and established a number of new requirements for open-end consumer credit plans. The Credit CARD Act provisions were effective in three stages. This latest update to the examination procedures reflects the third stage of revisions, which became effective on Aug. 22, 2010. The latest revisions to the examination procedures incorporate rules to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to evaluate interest rate increases imposed since Jan. 1, 2009.