Federal-Reserve-regulations Tag

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.
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