Compliance Blog

According to some newspapers I read on Sunday, the Federal Reserve will vote this Thursday to issue final regs that would aim to prohibit so-called unfair practices related to credit cards and overdraft services. 

• Here's a link to the Fed's agenda for this Thursday's meeting.  (It doesn't shed all that much light on that which looms.)
• The proposal, issued back in May, proposed to ban "unfair and deceptive acts" in the area of credit card lending and overdraft protection.  Here's a link to an overview of the proposal.   I haven't read the rule that will be voted on this Thursday, so I don't know how much of the proposal made the final cut.
• That being said, it looks like some journalists had a sneak peak.  Reading their articles should give you a good idea of what is coming.  Access the Post article here.   (Washington Post Log-in needed.)  Here's an AP story that covers the same turf. 
• NCUA has a similar item on its agenda for this Thursday's board meeting.  Here's NCUA's agenda.  Note that NCUA is looking to issue its rule under Part 706 of its rules and regs. 

Again, the final rule (if passed) should affect how you manage your credit cards and overdraft programs.   I'd keep a close eye on this.  Hopefully, we'll have a long, delayed implementation date.

***

I'm clearing out a bunch of stuff at my place.  With twins on the way, old baseball trophies just don't seem that important.  I found some "awards" from my high school senior class banquet.  What did I win?

• Funniest.
• Most talkative.
• Class clown.

I'm not sure those are all compliments.  But Mandy said they were fairly accurate.