22 Jul Here's a Chance to Voice Your Concerns About Credit Card Practices
Okay, folks, here’s your chance. The Federal Reserve has opened a comment period for proposed new regulations of credit card lenders.
The Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.
The rules, proposed for public comment under the Federal Trade Commission Act (FTC Act), also would forbid banks from imposing interest charges using the “two-cycle” billing method, would require that consumers receive a reasonable amount of time to make their credit card payments, and would prohibit the use of payment allocation methods that unfairly maximize interest charges. They also include protections for consumers that use overdraft services offered by their bank.
If you would like to comment, follow this link, and scroll about two-thirds of the way down and look for the “submit comments” link. Most of the comments so far support the changes, and offer a glimpse at consumer’s frustration with credit card lenders.
In addition to the 19,000 industry form letters, you can view comments, though there are an awful of of them. Don’t let that stop you from adding your two cents, though.
The Fed needs to hear from real people, instead of industry lobbyists.
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