15 U.S. Code § 1665c - Interest rate reduction on open end consumer credit plans
(a) In general
If a creditor increases the annual percentage rate applicable to a credit card account under an open end consumer credit plan, based on factors including the credit risk of the obligor, market conditions, or other factors, the creditor shall consider changes in such factors in subsequently determining whether to reduce the annual percentage rate for such obligor.
With respect to any credit card account under an open end consumer credit plan, the creditor shall—
(2) not less frequently than once every 6 months, review accounts as to which the annual percentage rate has been increased since January 1, 2009, to assess whether such factors have changed (including whether any risk has declined);
(3) reduce the annual percentage rate previously increased when a reduction is indicated by the review; and
(c) Rule of construction
This section shall not be construed to require a reduction in any specific amount.
The Bureau  shall issue final rules not later than 9 months after May 22, 2009, to implement the requirements of and evaluate compliance with this section, and subsections (a), (b), and (c) shall become effective 15 months after May 22, 2009.
 So in original. Probably should be “Board”.
Source(Pub. L. 90–321, title I, § 148, as added Pub. L. 111–24, title I, § 101(c),May 22, 2009, 123 Stat. 1737; amended Pub. L. 111–203, title X, § 1100A(2),July 21, 2010, 124 Stat. 2107.)
2010—Subsec. (d). Pub. L. 111–203substituted “Bureau” for “Board”.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
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