WASHINGTON — The Federal Reserve Board this morning issued a 'final' proposal concerning amendments intended to improve the disclosures provided to consumers with credit cards and other revolving credit plans.
"The goal of the proposed revisions is to make sure that consumers get key information about credit card terms in a clear and conspicuous format and at a time when it would be most useful to them," Federal Reserve Board Chairman Ben S. Bernanke commented. "Greater clarity in credit disclosures allows consumers to make more-informed credit decisions and enhances competition among credit card issuers."
Reg Z disclosures have undergone more than two years of public comment and consumer testing.
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The public comment period ends 120 days after publication of the proposal in the Federal Register, which is expected shortly.
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