Credit CARD Act rules on CAC agenda

March 11, 2010 – Recently proposed Credit CARD Act rules as well as foreclosure issues and short-term and small-dollar loan products are on the discussion agenda for the March 25 open meeting of the Federal Reserve Board’s Consumer Advisory Council.

The council will discuss proposed Regulation Z amendments released last week to implement Credit CARD Act provisions set to take effect Aug. 22. These include provisions limiting penalty fees, rate increases and a required review of rate increases implemented prior to Jan. 1, 2009.

In addition, the panel will discuss the administration’s Making Home Affordable program and other mortgage loss-mitigation efforts; and financial institution products such as tax refund anticipation loans and salary advance products and related consumer protections.

The CAC, currently with 29 members, advises the Fed Board on issues related to consumer financial services laws and other matters. Alan Cameron, president and CEO of the Idaho Credit Union League, is a CAC member along with Michael Calhoun, president of the Center for Responsible Lending in Durham, N.C.; their terms end Dec. 31. (The CRL is affiliated with Self-Help CU in Durham, N.C., and Self-Help FCU in Oakland, Calif.)

The March 25 meeting is open to the public, but registration is required by March 23. Written statements can be sent in advance to Jennifer Kerslake, Secretary of the Consumer Advisory Council, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.