15 USC 1616 - Board review of consumer credit plans and regulations

U.S Code last checked for updates: Feb 22, 2025

§ 1616.

Board review of consumer credit plans and regulations

(a)

Required review

Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market, including—

(1)

the terms of credit card agreements and the practices of credit card issuers;

(2)

the effectiveness of disclosure of terms, fees, and other expenses of credit card plans;

(3)

the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; and

(4)

whether or not, and to what extent, the implementation of this Act and the amendments made by this Act has affected—

(A)

cost and availability of credit, particularly with respect to non-prime borrowers;

(B)

the safety and soundness of credit card issuers;

(C)

the use of risk-based pricing; or

(D)

credit card product innovation.

(b)

Solicitation of public comment

(c)

Regulations

(1)

Notice

Following the review required by subsection (a), the Board shall publish a notice in the Federal Register that—

(A)

summarizes the review, the comments received from the public solicitation, and other evidence gathered by the Board, such as through consumer testing or other research; and

(B)

either—

(i)

proposes new or revised regulations or interpretations to update or revise disclosures and protections for consumer credit cards, as appropriate; or

(ii)

states the reason for the determination of the Board that new or revised regulations are not necessary.

(2)

Revision of review period following material revision of regulations

(d)

Board report to the Congress

(e)

Additional reporting

The Federal banking agencies (as that term is defined in section 1813 of title 12) and the Federal Trade Commission shall provide annually to the Board, and the Board shall include in its annual report to Congress under section 247 of title 12, information about the supervisory and enforcement activities of the agencies with respect to compliance by credit card issuers with applicable Federal consumer protection statutes and regulations, including—

(1)

this Act, the amendments made by this Act, and regulations prescribed under this Act and such amendments; and

(2)

section 5 of the Federal Trade Commission Act [15 U.S.C. 45], and regulations prescribed under the Federal Trade Commission Act [15 U.S.C. 41 et seq.], including part 227 of title 12 of the Code of Federal Regulations, as prescribed by the Board (referred to as “Regulation AA”).

(Pub. L. 111–24, title V, § 502, May 22, 2009, 123 Stat. 1755.)

cite as: 15 USC 1616