Credit card overhaul – Comprehensive Reg Z and UDAP changes take effect July 1

Description

Abstract: Banks that issue credit cards have until July 1, 2010, to line up their compliance strategies for a massively changed set of UDAP (unfair or deceptive acts or practices) and Regulation Z (truth in lending) rules. The UDAP changes affect payment allocation, double-cycle billing, fee-based accounts and other issues, while the Regulation Z changes have an impact on credit advertising, billing error resolution, and other matters.