On Friday, February 19, the Federal Reserve launched an informational website aimed at helping consumers understand the recent credit card rules, which took effect Monday, February 22.  The website helps consumers by summarizing the rules, promulgated as part of the Federal Reserve's implementation of provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (Credit CARD Act), and explaining how they will affect credit card users.  House Financial Services Committee Chairman Barney Frank (D-MA) issued a statement on Monday addressing the new credit card rules, welcoming such reform, and emphasizing the need for consumer protection.

Go to the Federal Reserve website

Learn more about the Credit CARD Act 

Also on Friday, February 19, the Federal Reserve proposed clarifications to its overdraft protection rules that recently amended Regulation E, which implements the Electronic Fund Transfer Act, and Regulation DD, which implements the Truth in Savings Act. 

On Tuesday, February 23, White House Press Secretary Robert Gibbs restated the support of the White House for the rule proposed by Paul Volcker, the former Chairman of the Federal Reserve, to restrict the activities of depositary institutions.  The "Volcker Rule," as it is called, would essentially prevent commercial banks holding federally insured deposits from conducting speculative investments with their own capital.  Under the proposed Rule, commercial banks would be prohibited from owning, investing in or advising hedge funds or private-equity firms.  Despite the administration's support for the Volcker Rule, it has met with opposition in the Senate from both sides of the political aisle.