On April 21, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision and the National Credit Union Administration (collectively, the Banking Agencies) released proposed amendments to final rules issued by the Banking Agencies in December 2008 regarding certain unfair credit card practices.  

The newly released proposals intend to clarify that (i) the key protections in the final rules previously announced apply to balances on a consumer credit card account when the account is closed or acquired by a different institution or when balances are transferred to another account issued by the same institution; and (ii) deferred interest and similar programs offered by institutions and retailers are subject to all of the protections in the final rules, and pertinent information must be supplied to consumers throughout the life of a deferred or waived interest promotion.  

According to the accompanying press release, the proposed amendments will “facilitate compliance with the December 2008 final rules without reducing protections to consumers.”  

Comments are due within 30 days after publication in the Federal Register.  

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