In June 2010, Morrison & Foerster published the client alert "Federal Reserve Board Issues Final CARD Act Rule on Penalty Fees and Rate Reevaluations."
Summary:
Adding yet another layer of credit card regulation, the Federal Reserve Board issued a final rule to implement the reasonable penalty fee and rate reevaluation provisions of the "Credit Card Accountability Responsibility and Disclosure Act of 2009" (the "CARD Act").
Click here to read the alert.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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