---
kind: "section"
citation: "15 U.S.C. § 1616"
title: "15"
title_heading: "Commerce and Trade"
number: "1616"
heading: "Board review of consumer credit plans and regulations"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/1616"
units:
  - "Chapter 41 — Consumer Credit Protection"
  - "Subchapter I — Consumer Credit Cost Disclosure"
  - "Part A — General Provisions"
---

# §1616. Board review of consumer credit plans and regulations

- (a) **Required review—** Not later than 2 years after the effective date of this Act and every 2 years thereafter, except as provided in [subsection (c)(2)](#c-2), the [Board](/usc/15/1602.md?p=c) shall conduct a review, within the limits of its existing resources available for reporting purposes, of the [consumer](/usc/15/1681a.md?p=c) [credit card](/usc/15/1602.md?p=l) market, including—
  - (1) the terms of [credit card](/usc/15/1602.md?p=l) [agreements](/usc/15/7a.md?p=2) and the practices of [credit card](/usc/15/1602.md?p=l) issuers;
  - (2) the effectiveness of disclosure of terms, fees, and other expenses of [credit card](/usc/15/1602.md?p=l) plans;
  - (3) the adequacy of protections against unfair or deceptive acts or practices relating to [credit card](/usc/15/1602.md?p=l) 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](/usc/15/1602.md?p=f), particularly with respect to non-prime borrowers;
    - (B) the safety and soundness of [credit card](/usc/15/1602.md?p=l) issuers;
    - (C) the use of risk-based pricing; or
    - (D) [credit card](/usc/15/1602.md?p=l) product innovation.
- (b) **Solicitation of public comment—** In connection with conducting the review required by [subsection (a)](#a), the [Board](/usc/15/1602.md?p=c) shall solicit comment from [consumers](/usc/15/1681a.md?p=c), [credit card](/usc/15/1602.md?p=l) issuers, and other interested parties, such as through hearings or written comments.
- (c) **Regulations—**
  - (1) **Notice—** Following the review required by [subsection (a)](#a), the [Board](/usc/15/1602.md?p=c) shall publish a notice in the Federal Register that—
    - (A) summarizes the review, the comments received from the public solicitation, and other evidence gathered by the [Board](/usc/15/1602.md?p=c), such as through [consumer](/usc/15/1681a.md?p=c) testing or other research; and
    - (B) either—
      - (i) proposes new or revised regulations or interpretations to update or revise disclosures and protections for [consumer](/usc/15/1681a.md?p=c) [credit cards](/usc/15/1602.md?p=l), as appropriate; or
      - (ii) [states](/usc/15/1602.md?p=s) the reason for the determination of the [Board](/usc/15/1602.md?p=c) that new or revised regulations are not necessary.
  - (2) **Revision of review period following material revision of regulations—** In the event that the [Board](/usc/15/1602.md?p=c) materially revises regulations on [consumer](/usc/15/1681a.md?p=c) [credit card](/usc/15/1602.md?p=l) plans, a review need not be conducted until 2 years after the effective date of the revised regulations, which thereafter shall be treated as the new date for the biennial review required by [subsection (a)](#a).
- (d) **Board report to the Congress—** The [Board](/usc/15/1602.md?p=c) shall report to Congress not less frequently than every 2 years, except as provided in [subsection (c)(2)](#c-2), on the status of its most recent review, its efforts to address any issues identified from the review, and any recommendations for legislation.
- (e) **Additional reporting—** The [Federal banking agencies](/usc/15/1681a.md?p=s) (as that term is defined in [section 1813 of title 12](/usc/12/1813.md)) and the Federal Trade [Commission](/usc/15/1602.md?p=dd-1) shall provide annually to the [Board](/usc/15/1602.md?p=c), and the [Board](/usc/15/1602.md?p=c) shall include in its annual report to Congress under [section 247 of title 12](/usc/12/247.md), information about the supervisory and enforcement activities of the agencies with respect to compliance by [credit card](/usc/15/1602.md?p=l) issuers with applicable Federal [consumer](/usc/15/1681a.md?p=c) protection statutes and regulations, including—
  - (1) this Act, the amendments made by this Act, and regulations prescribed under this Act and such amendments; and
  - (2) section 5 of the Federal Trade Commission Act [[15 U.S.C. 45](/usc/15/45.md)], and regulations prescribed under the Federal Trade Commission Act [[15 U.S.C. 41](/usc/15/41.md) et seq.], including part [227](/usc/12/227.md) of title 12 of the Code of Federal Regulations, as prescribed by the [Board](/usc/15/1602.md?p=c) (referred to as “Regulation AA”).

## Source credit

(Pub. L. 111–24, title V, § 502, May 22, 2009, 123 Stat. 1755.)

## Notes

### Editorial Notes

### References in Text

The effective date of this Act, referred to in subsec. (a), is 9 months after May 22, 2009, except as otherwise specifically provided in Pub. L. 111–24, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.

This Act, referred to in subsecs. (a)(4) and (e)(1), is Pub. L. 111–24, May 22, 2009, 123 Stat. 1734, known as the Credit Card Accountability Responsibility and Disclosure Act of 2009, and also as the Credit CARD Act of 2009, which enacted this section and sections 1651, 1665c to 1665e, 1666i–1, 1666i–2, and 1693l–1 of this title and section 1a–7b of Title 16, Conservation, amended sections 1602, 1632, 1637, 1640, 1650, 1666b, 1666c, 1666j, 1681b, 1681j, and 1693m to 1693r of this title, enacted provisions set out as notes under sections 1602, 1637, 1638, 1666b, 1681j, and 1693l–1 of this title and section 5311 of Title 31, Money and Finance, and amended provisions set out as notes under sections 1638 and 1693 of this title. For complete classification of this Act to the Code, see Short Title of 2009 Amendment note set out under section 1601 of this title and Tables.

The Federal Trade Commission Act, referred to in subsec. (e)(2), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of this title. For complete classification of this Act to the Code, see section 58 of this title and Tables.

### Codification

Section was enacted as part of the Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, and not as part of the Consumer Credit Protection Act which comprises this chapter.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective 9 months after May 22, 2009, except as otherwise specifically provided, see section 3 of Pub. L. 111–24, set out as an Effective Date of 2009 Amendment note under section 1602 of this title.

### Definition

For definition of “Board”, see section 2 of Pub. L. 111–24, set out as a Regulations note under section 1602 of this title.