123STA T . 1 75 5 PUBLIC LA W 111 – 2 4—M A Y 22 , 2 0 0 9(9)the e x te n tt ow h ic h inte r ch a n g e f ee s a l low s m aller financial instit u tions an d credit unions to offer p a y ment cards and compete against larger financial institutions . (c) REPORT RE QUI RE D . —N ot later than 180 days after the date of enactment of this A ct , the C omptroller shall su b mit a report to the Committee on B an k ing, H ousing, and U rban Affairs of the S enate and the Committee on F inancial Ser v ices of the House of Representatives containing a detailed summary of the findings and conclusions of the study re q uired by this section, together with such recommendations for legislative or administrative actions as may be appropriate. SEC.502 . BOARD RE VI E W O F CO N S UM ER CREDI TPL ANS AND RE G ULA - TIONS. (a) REQUIRED RE V IE W .—Not later than 2 years after the effec - tive date of this Act and every 2 years thereafter, except as provided in subsection (c)(2), the Board shall conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market, including— (1) the terms of credit card agreements and the practices of credit card issuers
(2) the effectiveness of disclosure of terms, fees, and other expenses of credit card plans; ( 3 ) the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; and ( 4 ) whether or not, and to what extent, the implementation of this Act and the amendments made by this Act has affected— (A) cost and availability of credit, particularly with respect to non-prime borrowers; (B) the safety and soundness of credit card issuers; (C) the use of risk-based pricing; or ( D ) credit card product innovation. (b) SO L I C IT A TIO N O FP U B LIC CO M MENT.— I n connection with conducting the review required by subsection (a), the Board shall solicit comment from consumers, credit card issuers, and other interested parties, such as through hearings or written comments. (c) RE G ULATION S .— (1) NOTICE.—Following the review required by subsection (a), the Board shall publish a notice in the Federal Register that— (A) summari z es the review, the comments received from the public solicitation, and other evidence gathered by the Board, such as through consumer testing or other research; and (B) either— (i) proposes new or revised regulations or interpretations to update or revise disclosures and protections for consumer credit cards, as appropriate; or (ii) states the reason for the determination of the Board that new or revised regulations are not nec- essary. (2) REVISION OF REVIEW PERIOD FOLLOWING MATERIAL REVI- SION OF REGULATIONS.—In the event that the Board materially revises regulations on consumer credit card plans, a review need not be conducted until 2 years after the effective date of the revised regulations, which thereafter shall be treated Fed e ralR e gist er ,pub li c ati on.D eadlines. 15USC 1 6 16.
