Posted by Steve Van Beek
Earlier this morning, the Federal Reserve issued its proposed rules to implement the Credit Card Act provisions effective on February 22, 2010. The proposed rules amend Regulation Z and are contained in a PDF at the bottom of the press release. The proposed rules are 842 pages long (including background, preamble, the regulations, official staff commentary, and model forms). I'd save the large PDF to your desktop as a starting point.
Tomorrow morning we will discuss a game plan for reviewing this proposed rule. One thing to note is the short notice-and-comment rulemaking phase: "Comments on the proposal must be submitted within 30 days after publication in the Federal Register, which is expected shortly."
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