3/28/2013

Regulation Z of the Truth in Lending Act, which restricts fees to 25% of a cardholder's credit limit, applies to fees charged during the first year of a credit card account but not to those charged when an account is opened, the Consumer Financial Protection Bureau says. The rule revises a stricter interpretation that a South Dakota bank is challenging in court. The CFPB says it wants to end legal uncertainty surrounding the rule.

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