To prevent abuse of this flexibility, the proposal requires that an oral disclosure be clear and conspicuous, and that it be given when the consumer would likely notice it. Periodic statements Once an account has been opened, creditors are required to provide periodic statements reflecting the account activity for each billing cycle, typically monthly.
The statement must identify each transaction on the account, such as a purchase or cash advance. It must also identify each "finance charge" (using that term) and other charges imposed as part of the plan during the cycle. And it must identify the periodic rate(s) and corresponding annual percentage rate(s), also known as the nominal APR, that applied during the last cycle.