Extension of Comment Period on Draft Credit Card Guidance - District Notice 02-41 - Dallas Fed

Federal Reserve Bankll★Kof DallasDALLAS, TEXAS 75265-5906August 16, 2002Notice 02-41TO: The Chief Executive Officer of eachstate bank and bank holding companyin the Eleventh Federal Reserve DistrictSUBJECTExtension of Comment Periodon Draft Credit Card GuidanceDETAILSOn July 22, 2002, the Office of the Comptroller of the Currency, the Board of Gover-nors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Officeof Thrift Supervision requested comment by August 9, 2002, on a proposed interagency creditcard guidance. The agencies are concerned with whether the draft provides clear guidance abouttheir expectations in the areas of credit card account management, risk management, and lossallowance practices or, instead, has “fatal flaws” in these areas. Accordingly, they have extendedthe comment deadline to September 23, 2002, and plan to issue further comments elaborating onthe importance of this guidance.Institutions and other parties that choose to respond should provide their viewselectronically no later than 5 p.m. on September 23, 2002. Responses to the agencies should besubmitted electronically to the FFIEC web site at www.ffiec.gov (click on the option ffiec-suggest@frb.gov). The responses may also be submitted directly to ffiec-suggest@frb.gov.ATTACHMENTA draft of the proposed interagency guidance is attached.MORE INFORMATIONFor more information, please contact Dan Kirkland, Banking Supervision Depart-ment, ...