This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

21875 

Vol. 77, No. 71 

Thursday, April 12, 2012 

1Public Law 111–24, 123 Stat. 1734 (2009). 

2 15 U.S.C. 1637(n)(1). 

3See 75 FR 7658, 7819 (Feb. 22, 2010). 

4 Id. 

5 76 FR 22948, 23002 (Apr. 25, 2011). The Board 

proposed this provision for comment in November 

2010. 75 FR 67458, 67475 (Nov. 2, 2010). 

6 76 FR at 22977. 

7 Id. 

8 Id. at 22948. 

9See First Premier Bank, et al. v. United States 

Consumer Fin. Prot. Bureau, et al., — F. Supp. 2d. 

—, 2011 WL 4458785 (D.S.D. Sept. 23, 2011). 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1026 

[Docket No. CFPB–2012–0015] 

RIN 3170–AA21 

Truth in Lending (Regulation Z) 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Proposed rule; request for 

public comment. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau) is 

proposing to amend Regulation Z, 

which implements the Truth In Lending 

Act, and the official interpretation to the 

regulation, which interprets the 

requirements of Regulation Z. 

Regulation Z generally limits the total 

amount of fees that a credit card issuer 

may require a consumer to pay with 

respect to an account, limiting fees to 25 

percent of the credit limit in effect when 

the account is opened. Regulation Z 

currently states that this limitation 

applies prior to account opening and 

during the first year after account 

opening. The proposal requests 

comment on whether to amend 

Regulation Z to apply the limitation 

only during the first year after account 

opening. 

DATES: Comments must be received on 

or before June 11, 2012. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2012– 

0015 or Regulatory Identification 

Number (RIN) 3170–AA21, by any of the 

following methods: 

• Electronic: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Mail: Monica Jackson, Office of the 

Executive Secretary, Bureau of 

Consumer Financial Protection, 1700 G 

Street NW., Washington, DC 20552. 

• Hand Delivery/Courier in Lieu of 

Mail: Monica Jackson, Office of the 

Executive Secretary, Bureau of 

Consumer Financial Protection, 1700 G 

Street NW., Washington, DC 20552. 

All submissions must include the 

agency name and docket number or RIN 

for this rulemaking. In general, all 

comments received will be posted 

without change to http:// 

www.regulations.gov. In addition, 

comments will be available for public 

inspection and copying at 1700 G Street 

NW., Washington, DC 20552, on official 

business days between the hours of 

10 a.m. and 5 p.m. Eastern Time. You 

can make an appointment to inspect the 

documents by calling (202) 435–7275. 

All comments, including attachments 

and other supporting materials, will 

become part of the public record and 

subject to public disclosure. Sensitive 

personal information, such as account 

numbers or social security numbers, 

should not be included. Comments will 

not be edited to remove any identifying 

or contact information. 

FOR FURTHER INFORMATION CONTACT: 

Gregory Evans, Counsel, or Benjamin K. 

Olson, Managing Counsel, Division of 

Research, Markets, and Regulations, 

Bureau of Consumer Financial 

Protection, 1700 G Street NW., 

Washington, DC 20552, at (202) 435– 

7000. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Credit Card Accountability 

Responsibility and Disclosure Act of 

2009 (Credit Card Act) was signed into 

law on May 22, 2009.1 The Credit Card 

Act primarily amended the Truth in 

Lending Act (TILA) and instituted new 

substantive and disclosure requirements 

to establish fair and transparent 

practices for open-end consumer credit 

plans. 

The Credit Card Act added TILA 

Section 127(n)(1), which states that ‘‘[i]f 

the terms of a credit card account under 

an open end consumer credit plan 

require the payment of any fees (other 

than any late fee, over-the-limit fee, or 

fee for a payment returned for 

insufficient funds) by the consumer in 

the first year during which the account 

is opened in an aggregate amount in 

excess of 25 percent of the total amount 

of credit authorized under the account 

when the account is opened,’’ then ‘‘no 

payment of any fees (other than any late 

fee, over-the-limit fee, or fee for a 

payment returned for insufficient funds) 

may be made from the credit made 

available under the terms of the 

account.’’ 2

On January 12, 2010, the Federal 

Reserve Board of Governors (Board) 

issued a final rule implementing new 

TILA Section 127(n) in 12 CFR 

226.52(a).3 Section 226.52(a) limits the 

total amount of fees that a credit card 

issuer may require a consumer to pay 

with respect to an account to 25 percent 

of the credit limit in effect when the 

account is opened. Under the January 

2010 final rule, this limitation applied 

only during the first year after account 

opening.4 This rule became effective on 

February 22, 2010. 

On April 8, 2011, the Board issued a 

final rule expanding § 226.52(a) to apply 

to fees the consumer is required to pay 

with respect to an account prior to 

account opening.5 The change was 

based on the Board’s understanding that 

certain credit card issuers were 

‘‘requiring consumers to pay application 

or processing fees prior to account 

opening that, when combined with 

other fees charged to the account after 

account opening, exceed 25 percent of 

the account’s initial credit limit.’’6 The 

Board viewed this practice as 

‘‘inconsistent with the intent of [TILA] 

Section 127(n)(1) insofar as it alters the 

statutory relationship between the costs 

and benefits of opening a credit card 

account.’’ 7 The Board’s change to 

§ 226.52(a) was scheduled to become 

effective on October 1, 2011.8

On July 20, 2011, a credit card issuer 

filed a lawsuit in the United States 

District Court for the District of South 

Dakota, alleging that the Board exceeded 

its authority by expanding § 226.52(a) to 

apply to fees the consumer is required 

to pay prior to account opening.9 On 

July 21, 2011, the Board’s rulemaking 

authority to implement the provisions of 

TILA transferred to the Bureau pursuant 

to Sections 1061 and 1100A of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act (Dodd-Frank 

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21876 Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Proposed Rules 

10Public Law 111–203 (2010). See 12 U.S.C. 5581; 

15 U.S.C. 1604(a); Designated Transfer Date, 75 FR 

57252 (Sept. 20, 2010). 

11 76 FR 79768 (Dec. 22, 2011). 

12Public Law 111–203, Section 1061(a)(1). 

Effective on the designated transfer date, the Bureau 

was also granted ‘‘all powers and duties’’ vested in 

each of the Federal agencies, relating to the 

consumer financial protection functions, on the day 

before the designated transfer date. 

13Public Law 111–203, Section 1002(14) 

(defining ‘‘Federal consumer financial law’’ to 

include the ‘‘enumerated consumer laws’’); id. 

Section 1002(12) (defining ‘‘enumerated consumer 

laws’’ to include TILA). 

14Public Law 111–203, Section 1100A(2); 15 

U.S.C. 1604(a). 

15 Id. 

16Specifically, Section 1022(b)(2)(A) calls for the 

Bureau to consider the potential benefits and costs 

of a regulation to consumers and covered persons, 

including the potential reduction of access by 

consumers to consumer financial products or 

services; the impact on depository institutions and 

credit unions with $10 billion or less in total assets 

as described in section 1026 of the Act; and the 

impact on consumers in rural areas. This discussion 

considers the impacts of the proposed rule relative 

to existing law. 

17 5 U.S.C. 601 et seq. The Bureau is not aware 

of any governmental units or not-for-profit 

organizations to which the proposal would apply. 

18 5 U.S.C. 601(3). The Bureau may establish an 

alternative definition after consultation with the 

Small Business Administration and an opportunity 

for public comment. 

19 5 U.S.C. 609. 

Act).10 On August 5, 2011, the card 

issuer filed a motion for a preliminary 

injunction, asking the court to postpone 

the October 1, 2011 effective date with 

respect to the application of § 226.52 to 

fees paid prior to account opening. The 

district court granted the motion for a 

preliminary injunction on September 

23, 2011. As a result of the court’s order, 

the portion of the Board’s 2011 final 

rule applying § 226.52(a) to pre-account 

opening fees has not become effective. 

On December 22, 2011, the Bureau 

issued an interim final rule to reflect its 

assumption of rulemaking authority 

over Regulation Z.11 The interim final 

rule made only technical changes to 

Regulation Z, such as noting the 

Bureau’s authority and renumbering 

Regulation Z as 12 CFR part 1026. 

Accordingly, the provision addressed in 

this proposal and in the litigation 

discussed above is properly cited as 12 

CFR 1026.52(a). 

II. Legal Authority 

The Bureau is issuing this proposal 

pursuant to its authority under TILA 

and the Dodd-Frank Act. Effective July 

21, 2011, Section 1061 of the DoddFrank Act transferred to the Bureau the 

‘‘consumer financial protection 

functions’’ previously vested in certain 

other Federal agencies. The term 

‘‘consumer financial protection 

functions’’ is defined to include ‘‘all 

authority to prescribe rules or issue 

orders or guidelines pursuant to any 

Federal consumer financial law, 

including performing appropriate 

functions to promulgate and review 

such rules, orders, and guidelines.’’ 12

TILA is a Federal consumer financial 

law.13 Accordingly, effective July 21, 

2011, except with respect to persons 

excluded from the Bureau’s rulemaking 

authority by Section 1029 of the Dodd 

Frank Act, the authority of the Board to 

issue regulations pursuant to TILA 

transferred to the Bureau. 

TILA, as amended by the Dodd-Frank 

Act, authorizes the Bureau to ‘‘prescribe 

regulations to carry out the purposes of 

[TILA].’’ 14 These regulations may 

contain such classifications, 

differentiations, or other provisions, and 

may provide for such adjustments and 

exceptions for any class of transactions, 

that in the Bureau’s judgment are 

necessary or proper to effectuate the 

purpose of TILA, facilitate compliance 

with TILA, or prevent circumvention or 

evasion of TILA.15

III. Summary of the Proposed Rule 

The Bureau is proposing to amend 12 

CFR 1026.52(a) to resolve the 

uncertainty caused by the litigation 

discussed above. Specifically, the 

Bureau is proposing to amend 

§ 1026.52(a) to provide that the 

limitation on credit card fees applies 

only during the first year after account 

opening. The Bureau is also proposing 

to make corresponding amendments to 

the Official Interpretations of 

§ 1026.52(a). 

IV. Section 1022(b)(2) of the DoddFrank Act 

In developing the proposed rule, the 

Bureau has conducted an analysis of 

potential benefits, costs, and impacts,16

and has consulted or offered to consult 

with the prudential regulators and the 

Federal Trade Commission, including 

regarding consistency with any 

prudential, market, or systemic 

objectives administered by such 

agencies. 

The proposal provides that the 

limitation on credit card account fees in 

§ 1026.52(a) applies only during the first 

year after account opening. If the 

proposal is adopted, fees that a 

consumer is required to pay prior to 

account opening will not be subject to 

the limitation in § 1026.52(a). 

The Bureau believes that the proposal, 

if adopted, may impose potential costs 

on consumers by permitting covered 

persons to collect fees that would be 

disallowed absent the proposal. Covered 

persons should benefit from 

clarification of the scope of § 1026.52(a) 

to resolve any uncertainty created by the 

litigation discussed above. The 

proposed rule would also permit 

covered persons to collect fees that 

would be prohibited absent the 

proposed rule. The Bureau does not 

expect the proposal to impose costs on 

covered persons. All methods of 

compliance under current law will 

remain available to covered persons if 

the proposal is adopted. Thus, a covered 

person who is in compliance with 

current law need not take any additional 

action if the proposal is adopted. 

Finally, the proposed rule would have 

no unique impact on insured depository 

institutions or insured credit unions 

with $10 billion or less in assets as 

described in section 1026 of the DoddFrank Act, nor would the proposed rule 

have a unique impact on rural 

consumers. 

The Bureau requests comments on the 

potential benefits, costs, and impacts of 

the proposal. 

V. Regulatory Flexibility Act 

The Regulatory Flexibility Act (RFA), 

as amended by the Small Business 

Regulatory Enforcement Fairness Act of 

1996, requires each agency to consider 

the potential impact of its regulations on 

small entities, including small 

businesses, small governmental units, 

and small not-for-profit organizations.17

The RFA defines a ‘‘small business’’ as 

a business that meets the size standard 

developed by the Small Business 

Administration pursuant to the Small 

Business Act.18

The RFA generally requires an agency 

to conduct an initial regulatory 

flexibility analysis (IRFA) and a final 

regulatory flexibility analysis (FRFA) of 

any rule subject to notice-and-comment 

rulemaking requirements, unless the 

agency certifies that the rule will not 

have a significant economic impact on 

a substantial number of small entities. 

The Bureau also is subject to certain 

additional procedures under the RFA 

involving the convening of a panel to 

consult with small business 

representatives prior to proposing a rule 

for which an IRFA is required.19

An IRFA is not required for the 

proposal because the proposal, if 

adopted, would not have a significant 

economic impact on any small entities. 

The Bureau does not expect the 

proposal to impose costs on covered 

persons. All methods of compliance 

under current law will remain available 

to small entities if the proposal is 

adopted. Thus, a small entity that is in 

compliance with current law need not 

take any additional action if the 

proposal is adopted. Instead, the overall 

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Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Proposed Rules 21877 

20 15 U.S.C. 1601 et seq. 

21See 75 FR 7791 for the Board’s burden analysis 

under the Paperwork Reduction Act. 

effect of the proposal would be to 

narrow the compliance obligations 

under § 1026.52(a) for covered persons 

and to give covered persons additional 

certainty about how to comply with 

§ 1026.52(a). 

Accordingly, the undersigned certifies 

that this proposal, if adopted, would not 

have a significant economic impact on 

a substantial number of small entities. 

VI. Paperwork Reduction Act 

The collection of information related 

to this notice of proposed rulemaking 

has been previously reviewed and 

approved by the Office of Management 

and Budget (OMB) in accordance with 

the Paperwork Reduction Act of 1995 

(44 U.S.C. 3507(d)) and assigned OMB 

Control Number 3170–0015. Under the 

Paperwork Reduction Act, the Bureau 

may not conduct or sponsor, and a 

person is not required to respond to, an 

information collection unless the 

information collection displays a 

currently valid control number assigned 

by OMB. As discussed below, the 

Bureau does not believe that this 

proposed rule imposes any new 

collection of information or any increase 

to the previously approved estimated 

burden associated with the information 

collection in Regulation Z. 

The collection of information, if any, 

in Regulation Z, 12 CFR part 1026. The 

information collection in Regulation Z 

is required to provide benefits for 

consumers and is mandatory.20 The 

respondents and/or recordkeepers are 

creditors and other entities subject to 

Regulation Z, including for-profit 

financial institutions, small businesses, 

and institutions of higher education. 

Under § 1026.25, creditors are required 

to retain evidence of compliance for 

twenty-four months, but Regulation Z 

does not specify the types of records 

that must be maintained. 

If this proposal to Regulation Z is 

adopted, card issuers will not be 

required to comply with § 1026.52(a) 

with respect to fees the consumer is 

required to pay prior to account 

opening. The Bureau believes that any 

burden associated with updating 

compliance under the proposed 

provisions is already accounted for in 

the previously approved burden 

estimates associated with the collection 

in Regulation Z under the Board’s 

January 2010 Final Rule estimates. That 

rule imposed a similar limitation on 

fees.21 Accordingly, for the reasons 

stated above, the Bureau estimates that 

there would not be an increase in the 

one-time or ongoing burden to comply 

with the requirements under proposed 

§ 1026.52(a). 

Although the Bureau does not believe 

that the proposed rule imposes any new 

collection of information or any increase 

to the previously approved estimated 

burden associated with the collection in 

Regulation Z, the Bureau solicits 

comment on the proposed modification 

to § 1026.52(a) or any other aspect of the 

proposal for purposes of the PRA. 

Comments on the collection of 

information requirements should be 

sent to the Office of Management and 

Budget, Attention: Desk Officer for the 

Consumer Financial Protection Bureau, 

Office of Information and Regulatory 

Affairs, Washington, DC 20503, or by 

the Internet to http:// 

oira_submission@omb.eop.gov, with 

copies to the Bureau at the address 

previously specified. 

Text of Proposed Revisions 

Certain conventions have been used 

to highlight the proposed changes to the 

text of the regulation and official 

interpretation. New language is shown 

inside flbold-faced arrowsfi, while 

language that would be deleted is set off 

with [bold-faced brackets]. 

List of Subjects in 12 CFR Part 1026 

Advertising, Consumer protection, 

Credit, Credit unions, Mortgages, 

National banks, Reporting and 

recordkeeping requirements, Savings 

associations, Truth in lending. 

Authority and Issuance 

For the reasons set forth above, the 

Bureau proposes to amend Part 1026 of 

Chapter X in Title 12 of the Code of 

Federal Regulations as follows: 

PART 1026—TRUTH IN LENDING 

(REGULATION Z) 

1. The authority citation for Part 1026 

continues to read as follows: 

Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 

1601 et seq. 

Subpart G—Special Rules Applicable 

to Credit Card Accounts and Open-End 

Credit Offered to College Students 

2. In § 1026.52, revise paragraph (a) to 

read as follows: 

§ 1026.52 Limitations on fees. 

(a) Limitations [prior to account 

opening and] during first year after 

account opening. (1) General rule. 

Except as provided in paragraph (a)(2) 

of this section, the total amount of fees 

a consumer is required to pay with 

respect to a credit card account under 

an open-end (not home-secured) 

consumer credit plan [prior to account 

opening and] during the first year after 

account opening must not exceed 25 

percent of the credit limit in effect when 

the account is opened. For purposes of 

this paragraph, an account is considered 

open no earlier than the date on which 

the account may first be used by the 

consumer to engage in transactions. 

* * * * * 

Supplement I to Part 1026—Official 

Interpretations 

3. In Paragraph 52(a), revise to read as 

follows: 

Section 1026.52—Limitations on Fees 

52(a) Limitations [prior to account 

opening and] during first year after 

account opening. 

52(a)(1) General rule. 

1. Application. The 25 percent limit 

in § 1026.52(a)(1) applies to fees that the 

card issuer charges to the account as 

well as to fees that the card issuer 

requires the consumer to pay with 

respect to the account through other 

means (such as through a payment from 

the consumer’s asset account to the card 

issuer or from another credit account 

provided by the card issuer). For 

example: 

i. Assume that, under the terms of a 

credit card account, a consumer is 

required to pay $120 in fees for the 

issuance or availability of credit at 

account opening. The consumer is also 

required to pay a cash advance fee that 

is equal to five percent of the cash 

advance and a late payment fee of $15 

if the required minimum periodic 

payment is not received by the payment 

due date (which is the twenty-fifth of 

the month). At account opening on 

January 1 of year one, the credit limit for 

the account is $500. Section 

1026.52(a)(1) permits the card issuer to 

charge to the account the $120 in fees 

for the issuance or availability of credit 

at account opening. On February 1 of 

year one, the consumer uses the account 

for a $100 cash advance. Section 

1026.52(a)(1) permits the card issuer to 

charge a $5 cash-advance fee to the 

account. On March 26 of year one, the 

card issuer has not received the 

consumer’s required minimum periodic 

payment. Section 1026.52(a)(2) permits 

the card issuer to charge a $15 late 

payment fee to the account. On July 15 

of year one, the consumer uses the 

account for a $50 cash advance. Section 

1026.52(a)(1) does not permit the card 

issuer to charge a $2.50 cash advance 

fee to the account. Furthermore, 

§ 1026.52(a)(1) prohibits the card issuer 

from collecting the $2.50 cash advance 

fee from the consumer by other means. 

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21878 Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Proposed Rules 

ii. Assume that, under the terms of a 

credit card account, a consumer is 

required to pay $125 in fees for the 

issuance or availability of credit during 

the first year after account opening. At 

account opening on January 1 of year 

one, the credit limit for the account is 

$500. Section 1026.52(a)(1) permits the 

card issuer to charge the $125 in fees to 

the account. However, § 1026.52(a)(1) 

prohibits the card issuer from requiring 

the consumer to make payments to the 

card issuer for additional non-exempt 

fees with respect to the account [prior 

to account opening or] during the first 

year after account opening. Section 

1026.52(a)(1) also prohibits the card 

issuer from requiring the consumer to 

open a separate credit account with the 

card issuer to fund the payment of 

additional non-exempt fees [prior to the 

opening of the credit card account or] 

during the first year after the credit card 

account is opened. 

[iii. Assume that, on January 1 of year 

one, a consumer is required to pay a 

$100 fee in order to apply for a credit 

card account. On January 5, the card 

issuer approves the consumer’s 

application, assigns the account a credit 

limit of $1,000, and provides the 

consumer with account-opening 

disclosures consistent with § 1026.6. 

The date on which the account may first 

be used by the consumer to engage in 

transactions is January 5. The consumer 

is required to pay $150 in fees for the 

issuance or availability of credit, which 

§ 1026.52(a)(1) permits the card issuer to 

charge to the account on January 5. 

However, because the $100 application 

fee is subject to the 25 percent limit in 

§ 1026.52(a)(1), the card issuer is 

prohibited from requiring the consumer 

to pay any additional non-exempt fees 

with respect to the account until 

January 5 of year two.] 

* * * * * 

3. Changes in credit limit during first 

year. 

i. Increases in credit limit. If a card 

issuer increases the credit limit during 

the first year after the account is 

opened, § 1026.52(a)(1) does not permit 

the card issuer to require the consumer 

to pay additional fees that would 

otherwise be prohibited (such as a fee 

for increasing the credit limit). For 

example, assume that, at account 

opening on January 1, the credit limit 

for a credit card account is $400 and the 

consumer is required to pay $100 in fees 

for the issuance or availability of credit. 

On July 1, the card issuer increases the 

credit limit for the account to $600. 

Section 1026.52(a)(1) does not permit 

the card issuer to require the consumer 

to pay additional fees based on the 

increased credit limit. 

ii. Decreases in credit limit. If a card 

issuer decreases the credit limit during 

the first year after the account is 

opened, § 1026.52(a)(1) requires the card 

issuer to waive or remove any fees 

charged to the account that exceed 25 

percent of the reduced credit limit or to 

credit the account for an amount equal 

to any fees the consumer was required 

to pay with respect to the account that 

exceed 25 percent of the reduced credit 

limit within a reasonable amount of 

time but no later than the end of the 

billing cycle following the billing cycle 

during which the credit limit was 

reduced. For example[:]fl,fi 

[A. Assume]fl assumefi that, at 

account opening on January 1, the credit 

limit for a credit card account is $1,000 

and the consumer is required to pay 

$250 in fees for the issuance or 

availability of credit. The billing cycles 

for the account begin on the first day of 

the month and end on the last day of the 

month. On July 30, the card issuer 

decreases the credit limit for the 

account to $500. Section 1026.52(a)(1) 

requires the card issuer to waive or 

remove $175 in fees from the account or 

to credit the account for an amount 

equal to $175 within a reasonable 

amount of time but no later than August 

31. 

[B. Assume that, on June 25 of year 

one, a consumer is required to pay a $75 

fee in order to apply for a credit card 

account. At account opening on July 1 

of year one, the credit limit for the 

account is $500 and the consumer is 

required to pay $50 in fees for the 

issuance or availability of credit. The 

billing cycles for the account begin on 

the first day of the month and end on 

the last day of the month. On February 

15 of year two, the card issuer decreases 

the credit limit for the account to $250. 

Section 1026.52(a)(1) requires the card 

issuer to waive or remove fees from the 

account or to credit the account for an 

amount equal to $62.50 within a 

reasonable amount of time but no later 

than March 31 of year two.] 

* * * * * 

52(a)(2) Fees not subject to 

limitations. 

1. Covered fees. Except as provided in 

§ 1026.52(a)(2), § 1026.52(a) applies to 

any fees or other charges that a card 

issuer will or may require the consumer 

to pay with respect to a credit card 

account [prior to account opening and] 

during the first year after account 

opening, other than charges attributable 

to periodic interest rates. For example, 

§ 1026.52(a) applies to: 

i. Fees that the consumer is required 

to pay for the issuance or availability of 

credit described in § 1026.60(b)(2), 

including any fee based on account 

activity or inactivity and any fee that a 

consumer is required to pay in order to 

receive a particular credit limit; 

ii. Fees for insurance described in 

§ 1026.4(b)(7) or debt cancellation or 

debt suspension coverage described in 

§ 1026.4(b)(10) written in connection 

with a credit transaction, if the 

insurance or debt cancellation or debt 

suspension coverage is required by the 

terms of the account; 

iii. Fees that the consumer is required 

to pay in order to engage in transactions 

using the account (such as cash advance 

fees, balance transfer fees, foreign 

transaction fees, and fees for using the 

account for purchases); 

iv. Fees that the consumer is required 

to pay for violating the terms of the 

account (except to the extent 

specifically excluded by 

§ 1026.52(a)(2)(i)); 

v. Fixed finance charges; and 

vi. Minimum charges imposed if a 

charge would otherwise have been 

determined by applying a periodic 

interest rate to a balance except for the 

fact that such charge is smaller than the 

minimum. 

* * * * * 

Dated: April 4, 2012. 

Richard Cordray, 

Director, Bureau of Consumer Financial 

Protection. 

[FR Doc. 2012–8534 Filed 4–11–12; 8:45 am] 

BILLING CODE 4810–AM–P 

DEPARTMENT OF COMMERCE 

National Oceanic and Atmospheric 

Administration 

15 CFR Part 922 

Revisions of Boundaries for the 

Thunder Bay National Marine 

Sanctuary and Underwater Preserve; 

Intent To Prepare Draft Environmental 

Impact Statement; Scoping Meetings 

AGENCY: Office of National Marine 

Sanctuaries (ONMS), National Ocean 

Service (NOS), National Oceanic and 

Atmospheric Administration (NOAA), 

Department of Commerce (DOC). 

ACTION: Notice of intent to revise 

boundaries; intent to prepare 

environmental impact statement; 

scoping meetings. 

SUMMARY: In accordance with section 

304(e) of the National Marine 

Sanctuaries Act, as amended, (NMSA) 

(16 U.S.C. 1431 et seq.), the Office of 

National Marine Sanctuaries (ONMS) of 

the National Oceanic and Atmospheric 

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