In the aftermath of the 2008 financial crisis, Congress enacted the Credit Card Accountability Responsibility and Disclosure Act of 2009, commonly referred to as the Credit CARD Act of 2009.1 Signed into law on May 22, 2009, and effective Feb. 22, 2010, the act primarily amended the Truth in Lending Act (TILA) and established a number of new substantive and disclosure-related requirements to establish fair and transparent practices pertaining to open-end consumer credit plans.2 The act focused on increased simplicity in account information and disclosures, limits on the manner in which interest rates, fees and credit limits could be changed, and the enhancement of billing and payment practices.
The Board of Governors of the Federal Reserve System enacted Regulation Z3 to implement the provisions of the act. The purpose of the regulation is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. The regulation gives consumers the right to cancel certain credit transactions that involve a lien on a consumer’s principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes.
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