The Federal Reserve Board issued a proposal Tuesday that would amend certain portions of its rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009.

The plan would clarify that promotional programs that waive interest charges for a specified period of time are subject to the same protections as promotions featuring reduced rates.

The proposal would also specify that application and similar fees paid before a customer opens an account are covered by the same limitations as fees charged during the first year after the account is opened.

The proposal would clarify that card issuers must consider a consumer's independent income, rather than just his or her household income, when evaluating their ability to make required payments before opening a new account or increasing the credit limit on an existing account.

The Fed enacted rules implementing the CARD Act in May of 2009, the last of which went into effect on Aug. 22, 2010. The proposal will be open for comments for 60 days after its publication in the Federal Register, which is expected soon.

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