Tell The Federal Reserve What You Think About Proposed Credit Card Rules

02 Oct Tell The Federal Reserve What You Think About Proposed Credit Card Rules

Consumers have less than two weeks to let the Federal Reserve Board know what they think about the Fed’s proposal to overhaul the rules regarding credit card disclosures. The Fed, which has authority to issue regulations governing credit cards under the Truth in Lending Act, issued a comprehensive proposal in June of this year. The comment period for this proposal ends Friday, October 12.

Chi Chi Wu, Staff Attorney at National Consumer Law Center, stated: Consumers have a rare opportunity to weigh in on the rules that will govern credit card practices. But they need to do so soon.

Some aspects of the Fed’s proposed regulations include:

  • Requires an easier-to-read table to be used for critical credit card disclosures.
  • Requires creditors to provide 45 days notice before changing important terms of the account.
  • Requires creditors to provide 45 days notice before imposing a penalty interest rate.
  • Improves disclosures for subprime credit cards.
  • Prohibits creditors from using the term fixed unless a interest rate really is fixed forever, or for a certain period of time that creditors must tell consumers.
  • Source: National Consumer Law Center

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    Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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