15 U.S.C. § 1616: Board review of consumer credit plans and regulations

the terms of credit card agreements and the practices of credit card issuers; the effectiveness of disclosure of terms, fees, and other expenses of credit card plans; the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; and cost and availability of credit, particularly with respect to non-prime borrowers; the safety and soundness of credit card issuers; the use of risk-based pricing; or credit card product innovation. In 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. summarizes 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 proposes new or revised regulations or interpretations to update or revise disclosures and protections for consumer credit cards, as appropriate; or states the reason for the determination of the Board that new or revised regulations are not necessary. 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 as the new date for the biennial review required by subsection (a). The Board shall report to Congress not less frequently than every 2 years, except as provided in subsection (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. this Act, the amendments made by this Act, and regulations prescribed under this Act and such amendments; and section 5 of the Federal Trade Commission Act [ 15 U.S.C. 45 ], and regulations prescribed under the Federal Trade Commission Act [ 15 U.S.C. 41 et seq.], including part 227 of title 12 of the Code of Federal Regulations, as prescribed by the Board (referred to as “Regulation AA”).