15 U.S.C. § 1665c: Interest rate reduction on open end consumer credit plans

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. maintain reasonable methodologies for assessing the factors described in subsection (a); 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); reduce the annual percentage rate previously increased when a reduction is indicated by the review; and 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. This section shall not be construed to require a reduction in any specific amount. The Bureau 1 shall issue final rules not later than 9 months after 1 So in original. Probably should be “Board”. 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 .