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PRESS RELEASE

FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Financial Services Roundtable Statement on UDAP Ruling

Washington, D.C.—December 17, 2008—The Financial Services Roundtable (Roundtable) has grave concerns that the new Unfair and Deceptive Acts or Practices (UDAP) ruling will limit the availability of credit and increase costs to the consumer.

These new regulations represent a major change in the rules that currently govern the consumer-credit card issuer relationship, which will take time to implement. Paramount to these changes is the inclusion of clearer information to help the consumer make the most informed borrowing decisions. The Roundtable supports better disclosures in the rule, and will work with the Federal Reserve to implement these changes.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.

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