§1616 Board review of consumer credit plans and regulations

Summary

The Board must review the consumer credit card market every 2 years, starting no later than 2 years after the law takes effect, using its current reporting resources. The review looks at card terms and issuer practices, how well fees and costs are disclosed, whether protections against unfair or deceptive practices are enough, and whether the law’s implementation has affected cost and access to credit (especially for non‑prime borrowers), the safety of issuers, risk‑based pricing, or product innovation. The Board must ask for comments from consumers, card issuers, and other interested people, by hearings or written submissions. After each review the Board must publish a Federal Register notice that summarizes the review, the public comments, and other evidence, and either proposes new or changed rules or explains why none are needed. If the Board makes major rule changes, the next review can wait until 2 years after those rules take effect. The Board must report to Congress at least every 2 years about the review, actions taken, and any law change suggestions. Each year the federal banking agencies and the FTC must give the Board information about their supervision and enforcement of credit card issuer compliance with federal consumer protection laws and rules (including this law and the FTC Act and Regulation AA), and the Board must include that information in its annual report to Congress.