Find the best credit card offers online.According to the Fed, the public has until June 4 to forward their comments to them regarding the credit card regulations that it is planning to fully implement by July 1, 2010. The Fed is accepting comments through their website and the public is advised to visit the site if they want to submit their comments.
In order to close any loopholes that the new credit card regulations might have, the Fed is gathering comments from all sectors of the public regarding their new credit card regulations, which will provide sweeping reforms to the credit card sector. A notice from the Fed indicated that: “Since publication of the two rules, the Agencies have become aware that clarification is needed to resolve confusion regarding how institutions will comply with particular aspects of those rules”.
The public comments that the Fed will entertain will only be of a ‘clarificatory’ nature. The Fed has noted that it will not entertain general comments pertaining to credit card reform and is asking that comment submitters limit themselves only to the clarifications being proposed by them.
“The Agencies emphasize that the purpose of these rulemakings is to clarify and facilitate compliance with the final rule, not to reconsider the need for — or the extent of — the protections that the rule affords consumers. Thus, commenters are encouraged to limit their submissions accordingly,” the notice by the Fed clarifies.
The Fed has also stated that the revisions that they will be introducing will not affect the set time line for the implementation of the federal rules. Credit card issuers are still expected to comply with the new rules no later than July 1, 2010.
Some have also questioned whether the Fed ruling changes will affect the current legislation for credit card regulations that is being considered under in the U.S. Senate and the bill that the House of Representatives recently approved. To recall, the Congress has been hard at work with President Barack Obama to introduce a bill, which aims to protect cardholders from unreasonable credit card fees and interest rates. Last April, the House of Representatives passed a bill dubbed as the Credit Cardholders’ Bill of Rights. Currently, the U.S. Senate is considering the Credit Card Accountability, Responsibility, and Disclosure Act (Credit CARD act).
The legislation from the House and the one in the Senate mainly mirror the federal rules that were first released late last year, though adding some provisions for their own. Codifying the rules into law serves the purpose of making them more concrete and harder to revise. Thus, whether new federal rule changes affect these legislations is a major concern for the credit card sector.
