U.S. banks could lose billions from credit-card rules

Credit-card reforms expected to be adopted by the Federal Reserve this week could cost U.S. banks billions of dollars in lost interest, law firm Morrison & Foerster said. Widely applauded by consumer organizations, the rules would prohibit some practices popular in the U.S. credit-card industry, including raising interest rates on balances and applying payments to balances with the lowest interest rate before applying them to ones with higher rates.

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