On March 18th, the Federal Reserve Board approved an amendment to Regulation Z ("Truth in Lending") to clarify aspects of prior Board rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 ("Credit Card Act"). The amendment is intended to enhance protections for consumers who use credit cards and to resolve areas of uncertainty so that card issuers fully understand their compliance obligations. The amendment states that credit card applications generally cannot request a consumer's "household income" because that term is too vague to allow issuers to properly evaluate the consumer's ability to pay. Instead, issuers must consider the consumer's individual income or salary. The amendment is effective October 1, 2011. Although compliance is mandatory beginning on October 1, 2011, creditors may, at their option, comply with this rule prior to that date. Federal Reserve Press Release.