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Editor: Lucy H. Griffin
Board of Advisors:
John S. Byrne, Esq.
Robert P. Chamness
Cliff E. Cook
Phillips G. Gay, Jr.
Barbara Hurst
Richard Insley
Michael D. Maher
Robert G. Rowe, III
Andy Zavoina
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Vol. 12, No. 6/7
June 12, 2007
Executive Editor: Lucy H. Griffin, Esq.
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| Board of Advisors: |
John S. Byrne, Esq.
David Battle
Robert P. Chamness
Phillips G. Gay, Jr.
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Barbara Hurst
Richard Insley
Michael D. Maher
Robert G. Rowe, III, Esq.
Andy Zavoina
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Table of Contents (read Recent Issues)
Regulation Z: Changes Proposed for Credit Cards (5 Action Steps)
More clarity in the presentation of information and prevention of deceptive practices are the underlying themes in the long-awaited proposed changes to Regulation Z.
Credit Reform on the Horizon (7 Action Steps)
Fueled by consumer complaints, two influential Congressmen are asking the agencies to help curb predatory lending practices.
Format Changes
To better clarify terms, the Board is proposing changes in the format for delineation of disclosures, referred to as the federal box.
Compliance Notes
Changes to Periodic Statements
Dramatic changes to the face of credit card statements is being proposed to help consumers better understand and use the information provided.
Advertising: The Prime Target
Protecting consumers from advertisements that are predatory or misleading is a prime target in the proposal.
Dr. Z Recognized
Alan Dombrow, known to many as Dr. Z, was recognized at ABA's Regulatory Compliance Conference.
Anti-Predatory Measures
Consumers and regulators are frustrated with credit card programs designed in "sneaky ways" to earn fee income.
Action Summary: Summary of Proposed Changes to Regulation Z (Chart)
This chart summarizes key substantive changes that are included in the Federal Reserve Board's proposed changes to Regulation Z's credit card disclosures.
In the Editor's Opinion: Sticks and Stones
Discrimination, and the lack of respect that goes with it, should not be treated lightly when it comes to fair lending.
Compliance Calendar
Compliance Q&A
Electronic Disclosures
The FRB is proposing a revision to the interim final rules providing more protection for consumers.
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