WASHINGTON (3/16/10)--The Federal Reserve Board's recently issued proposal that would implement the provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act) that come into effect on Aug. 22 was published in the Federal Register Monday. Although the Fed issued the proposal earlier this month, publication in the Federal Register starts the clock on the 30-day comment period. The most recent proposal, which follows two earlier CARD Act proposals that are already effective, will prevent card issuers from charging inactivity fees, account closure fees, or multiple penalty fees based on a single violation. Otherwise, the proposal outlines three alternatives for calculating penalty fees that are based on costs to the institution, the ability to deter repeated violations, and a list of "safe harbor" fees that will be provided by the Fed at a later time, after it receives comments on what these fees should be. Card issuers will also be required to inform consumers of the reasons behind an increased interest rate and must review any rate increases that have been made since the start of 2009. These rate increases will have to be reviewed every six months and, if applicable, must be reduced. The Fed release will remain open for public comment until April 14. The Credit Union National Association (CUNA) has also published a comment call on the Fed proposal, and will be accepting comments until April 6. To see the full Fed release, as well as a comment call from CUNA, use the resource links below.