Decisions About Financial Futures

On August 22, 2010, the third stage of the American Federal Reserve's implementation of the Credit Card Accountability Responsibility and Disclosure Act came into force. Provisions for fair and equal credit have continued to be incorporated into laws that prohibit discrimination in credit transactions. These regulations require that consumers are notified of the reasons for denial of credit, provide borrowers with the means to check out their credit records, and the ways and means to dispute account statements.

As new credit instruments such as credit cards have become more widely used in the economy, they have also grown significantly more complex. The new regulations set a standard for how individual customers are to be treated in their financial dealings, and highlights consumer protection and addresses inequities, so that, someone cannot be turned down for a credit card because of gender and aging, liability from lost or stolen credit cards is limited, and the means exist to dispute billing problems with no damage to a customers’ credit rating.

One of the most significant changes that came into force on August 22, under the new law, is the requirement for disclosure as a consumer protection. Consumers have the right to opt out of credit interest increases by advising the bank that they are closing the credit card account and paying off the balance. 

For millions of blind, deafblind and partially-sighted credit card customers, disclosure of account information and related terms are needed in formats such as braille, large print audio and online electronic formats to access, review and challenge billings independently when necessary.

T-Base continues to work with the most progressive financial institutions across North America to ensure that credit card account statements, terms and conditions and agreements are accessible and that all customers are fully and equally informed about interest rate changes, and that they have the information they need to make independent decisions about their financial futures.

Working with our corporate and government customers, T-Base is making compliance to these new rules seamless and transparent, ensuring that our customers are able to respond quickly to regulatory changes, and that consumers receive high quality, accurate and accessible information in a timely fashion and in a format which can be used independently.

Consumers can learn more about changes to their credit card accounts by accessing a new online publication, "What You Need to Know: New Credit Card Rules Effective Aug. 22." It explains key changes consumers can expect from their credit card companies as a result of the third phase of the new credit card rules. Additional information about credit cards can be found on the Federal Reserve Board's website at: http://www.federalreserve.gov/creditcard.