15 U.S.C. § 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

In connection with conducting the review required by subsection (a), the Board shall solicit comment from consumers, credit card issuers, and other interested parties, such as through hearings or written comments.

(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

In the event that the Board materially revises regulations on consumer credit card plans, a review need not be conducted until 2 years after the effective date of the revised regulations, which thereafter shall be treated as the new date for the biennial review required by subsection (a).

(d)

Board report to the Congress

The Board shall report to Congress not less frequently than every 2 years, except as provided in subsection (c)(2), on the status of its most recent review, its efforts to address any issues identified from the review, and any recommendations for legislation.

(e)

Additional reporting

section 1813 of title 12 section 247 of title 12The Federal banking agencies (as that term is defined in ) and the Federal Trade Commission shall provide annually to the Board, and the Board shall include in its annual report to Congress under , 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)

15 U.S.C. 45 15 U.S.C. 41 section 5 of the Federal Trade Commission Act [], and regulations prescribed under the Federal Trade Commission Act [ 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, § 502May 22, 2009123 Stat. 1755 (, , .)

Editorial Notes

References in Text

May 22, 2009Pub. L. 111–24 section 3 of Pub. L. 111–24 section 1602 of this titleThe effective date of this Act, referred to in subsec. (a), is 9 months after , except as otherwise specifically provided in , see , set out as an Effective Date of 2009 Amendment note under .

Pub. L. 111–24May 22, 2009123 Stat. 1734 lsection 1a–7b of Title 16lsection 5311 of Title 31 section 1601 of this titleThis Act, referred to in subsecs. (a)(4) and (e)(1), is , , , known as the Credit Card Accountability Responsibility and Disclosure Act of 2009, and also as the Credit CARD Act of 2009, which enacted this section and sections 1651, 1665c to 1665e, 1666i–1, 1666i–2, and 1693–1 of this title and , Conservation, amended sections 1602, 1632, 1637, 1640, 1650, 1666b, 1666c, 1666j, 1681b, 1681j, and 1693m to 1693r of this title, enacted provisions set out as notes under sections 1602, 1637, 1638, 1666b, 1681j, and 1693–1 of this title and , Money and Finance, and amended provisions set out as notes under sections 1638 and 1693 of this title. For complete classification of this Act to the Code, see Short Title of 2009 Amendment note set out under and Tables.

act Sept. 26, 1914, ch. 311 38 Stat. 717 section 58 of this titleThe Federal Trade Commission Act, referred to in subsec. (e)(2), is , , which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of this title. For complete classification of this Act to the Code, see and Tables.

Codification

Section was enacted as part of the Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, and not as part of the Consumer Credit Protection Act which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

May 22, 2009section 3 of Pub. L. 111–24 section 1602 of this titleSection effective 9 months after , except as otherwise specifically provided, see , set out as an Effective Date of 2009 Amendment note under .

Definition

section 2 of Pub. L. 111–24 section 1602 of this titleFor definition of “Board”, see , set out as a Regulations note under .