WASHINGTON The Federal Reserve Board on Thursday amended its rule that spells out how to comply with the Truth in Lending Act to require more explicit disclosure of interest rates in credit card solicitations.
The changes to the Feds Regulation Z require that on all solicitations the annual percentage rate applied to purchases be printed in 18-point type, that interest rates on balance transfers and other transactions be displayed prominently, and that fees for certain services be disclosed.
The Fed received more than 250 comments after the changes were initially proposed in May, but they resulted in only minor changes to the original version. The rule is effective immediately, but compliance is not mandatory until Sunday.
