Comprehensive Guide to Open-End Credit Disclosure Requirements

1. Open-End Credit

2. General Disclosure Requirements • “Clear and conspicuous” • Written • In a form the member can keep

3. General Disclosure Requirements What to do about: • Unknown Information? • Multiple Applicants? • Formatting?

4. Annual Percentage Rate • Periodic Statements • Accuracy • Oral Disclosures

5. Account Opening disclosures

6. Account Opening Disclosures Format: • Table • Bolding • No Bolding

7. Table Contents • APRs • Variable Rate Information • Introductory Rates • Premium Rates • Penalty Rates • Fees for Issuance or Availability • Fixed Finance Charges/Minimum Interest Charge • Transaction Charges • Grace Period • Fees • Website Reference

8. Below the table • Introductory Rate Information • Employee Preferential Rate Information • Balance Computation Method • Billing Error Rights Reference

9. Disclosures in the Agreement • Charges imposed as part of the plan • Balance Computation Method • Variable Rate Information • Voluntary Credit Insurance • Security Interests • Statement of Billing Rights

10. Periodic statements

11. Periodic Statements • General Rules • Timing

12. Content • Previous Balance • Identification of Transactions • Credits • Periodic Rates • Balance on Which the Finance Charge is Computed • Charges Imposed • Change-in-Terms • Grace Period • Billing Error Address • Closing Date of Billing Cycle and New Balance • Deferred Interest Disclosure

13. Statement of Billing Rights • Annual Statement • Alternative Summary Statement

14. Supplemental Credit Access Devices Disclosures are dependent on: • The account type • The device or feature offered • The time frame in which the device is offered • The offer terms

15. Change in Terms • Timing • Member Agreement to Change • Required Content • Formatting Requirements • Exceptions • Reductions in the Credit Limit • Rate Increases due to Delinquency or Default

16. Payments • General Information • Payment Specifications • Non-Conforming Payments • Adjustments • Credit Balances • Account Termination

17. Billing Errors • Definition • Notice • Time Frame for Resolution • Rules Pending Resolution • Procedures if an Error Occurred • Procedures if an Error Did Not Occur • Duties after Resolution • Re-assertion of a Claim

18. Multi-Feature Open-Ended Lending Key Concepts: • Existence of a Plan • Repeated Transactions • Reusable Line • Credit Verifications • Verification of Collateral Value