Federal Reserve Board Approves Interim Final Rule Amending Regulation Z (Truth in Lending)

July 23, 2009

The Federal Reserve Board approved an interim final rule on July 15, 2009 amending Regulation Z (Truth in Lending) to require creditors to provide consumers earlier advance notice before the rate on a credit card account is increased or a significant change is made to the account's terms. The amendments also allow consumers to reject such increases and changes by informing the creditor before the increase or change goes into effect.