Federal Reserve Proposes New Rules to Limit Arbitrary Powers of Credit Card Issuers

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05-03-2008, 06:15 PM	#1 (permalink)
Repair Bad Credit Elite Member Join Date: Aug 2006 Posts: 1,835 Casino Cash: $300000	Federal Reserve Proposes New Rules to Limit Arbitrary Powers of Credit Card Issuers On May 2, 2008, the Federal Reserve released a series of proposed rules that would restrict current practices of the credit card industry.* Specifically:Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the consumer to pay off that balance over a reasonable period [...] More...

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