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Reg Z Revised Open End Credit Rules

Recorded on February 01, 2009

On December 18, 2008 the Federal Reserve Board published final revisions to Regulation Z, which take effect on July 1, 2010. The goal for this latest revision to Regulation Z is to improve the effectiveness of the disclosures consumers receive in connection with credit card accounts and other revolving (non home-secured) credit plans. The new rules are complex and detailed.

The new rules impact the:

  • Application and solicitation disclosures;
  • Account-opening disclosures (formerly the initial disclosure);
  • Periodic statement disclosures; and
  • Change in terms notice.

This two-hour webinar covers all of the new Regulation Z rules that impact open-end credit products such as overdraft lines and credit cards.


The new Regulation Z rules are the result of several years of effort by the Federal Reserve Board to improve the effectiveness of the disclosures for open-end credit. This program is designed to explain the details of the new disclosures - timing, content, etc. Program participants receive a detailed manual that provides a thorough explanation of the new rules.


Upon completion of the program participants will understand:

  • The format and content changes designed to make the credit and charge card application and solicitation disclosures more meaningful and easier for consumers to use;
  • The enhanced cost disclosures provided at account opening to make the information more conspicuous and easier to read by disclosing them in a summary table, which is substantially similar to the table required for credit and charge card applications and solicitations;
  • The revisions to make disclosures on periodic statements more understandable, primarily by making changes to the format requirements, such as by grouping fees and interest charges together;
  • The expanded circumstances under which consumers receive written notice of changes in the account terms (such as, an increase in the interest rate), and increases in the amount of time these notices must be sent before the change becomes effective;
  • New rules that explain when an advertisement may refer to a rate as "fixed;" and
  • Cut-off times and due dates for mailed payments;


The program is designed for loan department management, compliance officers, loan officers, loan originators and others involved with open-end credit.

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