Regulatory Development Table
Regulatory Developments
2010:;credit-Related
March;11,;2010 revisions to interagency Questions and answers (Q&as)
regarding community reinvestment to adopt:
• a new question that provides examples of how to demonstrate that
community development services meet the criteria of serving low-and
moderate-income areas and people.
• two revised Q&as to enable consideration of a pro rata share of mixed-income affordable housing projects as community development projects.
www.ffiec.gov/cra/pdf/2010-4903.pdf
February;5,;2010 interagency (federal financial regulatory agencies and the
conference of state Bank supervisors) statement on prudent lending to
creditworthy small business borrowers.
www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm
Note: The statement builds upon principles in existing guidance, including the
Interagency Statement on Meeting the Needs of Creditworthy Borrowers2
issued in November 2008 and the Policy Statement on Prudent Commercial
Real Estate Loan Workouts3 issued in October 2009.
January;12,;2010 rules to protect credit card users from a number of costly
practices including bans on several harmful practices.
www.federalreserve.gov/newsevents/press/bcreg/20100112a.htm
Note: The final rule is the second stage of the rule writing for the Credit Card
Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act).
It finalizes the interim rule that was effective August 20, 2009 as well as the
provisions of the Credit Card Act that go into effect on February 22, 2010.
*The Federal Reserve is withdrawing the January 2009 Regulation Z Rule.
However, to the extent consistent with the Credit Card Act, the Board
has retained the July 1, 2010 mandatory compliance date for many of the
provisions incorporated from the January 2009 Regulation Z Rule.
In addition, the substantive requirements in the January 2009 Regulation AA
Rule, effective on July 1, 2010, have been superseded by provisions of the
Credit Card Act that go into effect on February 22, 2010.
March;3,;2010 rules amending regulation Z (truth in lending) to protect credit
card users from unreasonable late payment and other penalty fees and to
require credit card issuers to reconsider increases in interest rates.
www.federalreserve.gov/newsevents/press/bcreg/20100303a.htm
Note: The proposed rule represents the third stage of the implementation of
the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit
Card Act), which was enacted in May 2009. The provisions of the Credit Card
Act addressed in this proposal will go into effect on August 22, 2010.
Comment
Due Date
Final
Effective
Date
Mandatory
Compliance
Date
X
3-11-10
na
X
2-5-10
na
X
2-22-10
2-22-10*
selected
provisions
7-1-10
remaining
provisions
