New credit card rules focus on consumer protection

12/19/2008 | Washington Post, The

The Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration have approved rules that would limit certain practices by credit card issuers. Under the rules, banks, credit unions and savings associations are banned from raising interest rates on existing balances and charging late fees if the borrower was given less than 21 days to pay. The rules are considered one of the biggest overhauls for the industry in decades.

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