Federal Reserve System: Truth in Lending
GAO-10-925R: Jul 22, 2010
GAO reviewed the Federal Reserve System's (Board) new rule on Truth in Lending. GAO found that (1) the final rule implements provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) by amending Regulation Z. Specifically, this rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms; and (2) the Board complied with applicable requirements in promulgating the rule.