The proposed revisions apply only to open-end credit and would change the format, timing, and content requirements of: 1) credit card applications and solicitation disclosures, 2) account-opening disclosures, 3) periodic statement disclosures, 4) change in term notices, and 5) advertising provisions. You can view a summary of the proposed changes and a section-by-section analysis at the Federal Reserve website, here. Comments are being accepted until June 29, 2007 and can be submitted here.
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Wednesday, May 23, 2007
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