Proposed Credit Card and Banking Regulations
It looks like the government will be getting serious about credit card regulations. The Federal Reserve Board 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. Regulation AA (Unfair Acts or Practices) The proposal would amend Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts and overdraft services for deposit accounts. Credit Cards - More Time To make Payments The proposal would stop banks from treating a payment as late unless the consumer has been provided with reasonable amount of time to make that payment. ...
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