The National Credit Union Administration (“NCUA”) approved a joint final rule addressing unfair or deceptive acts or practices (“UDAP”) relating to credit cards written by the Board of Governors of the Federal Reserve System (“Board”), the Office of Thrift Supervision and the NCUA (collectively, the “Agencies”).

The implementation of the UDAP rule will have a dramatic impact on both credit card issuers and consumers and will be the most substantial overhaul of disclosure rules and restrictions on lender practices in decades.

Please see full update for more information.