The Federal Reserve has also taken steps toward improving consumer protection for credit card users. Our first step was the Board's 2007 proposal to substantially revise and improve credit card disclosures under the Truth in Lending Act.
In preparing this proposal, we conducted extensive consumer testing to determine the type and format of information that consumers find most useful in shopping for and choosing a credit card. This extensive consumer testing – and the thousands of public comments on our proposal – suggested that disclosures may not provide sufficient consumer protection with regard to certain practices.