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—
(1)maintain reasonable methodologies for assessing the factors described in subsection (a);
(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
(4)in the event of an increase in the annual percentage rate, provide in the written notice required under section
1637(i) of this title a statement of the reasons for the increase.
(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.
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.
Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 ofPub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section
1602 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.