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Can you summarize 15 USC 1616?
General Provisions > Board review of consumer credit plans and regulations
Short Summary
This legal document, 1616 of the United States Code, requires the Board to conduct a review of the consumer credit card market every two years. The review includes examining the terms of credit card agreements, practices of credit card issuers, effectiveness of disclosure of terms and fees, adequacy of protections against unfair or deceptive acts, and the impact of the implementation of this Act on credit availability, safety of credit card issuers, risk-based pricing, and credit card product innovation. The Board is required to solicit public comments from consumers, credit card issuers, and other interested parties. Following the review, the Board must publish a notice summarizing the review and propose new or revised regulations if necessary. The Board is also required to report to Congress every two years on the status of the review, efforts to address identified issues, and any recommendations for legislation. Additionally, the Federal banking agencies and the Federal Trade Commission are required to provide annual information to the Board regarding their supervisory and enforcement activities related to compliance by credit card issuers with applicable consumer protection statutes and regulations.
Whom does it apply to?
The Board, consumers, credit card issuers, and other interested parties
What does it govern?
Board review of consumer credit plans and regulations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government