More Regulation of the Credit Card Industry Likely Coming in '09
In an article in today's New York Times titled "Credit Card Overhauls Seem Likely", Jane Birnbaum writes that consumer groups' pleas to lawmakers for help "may well mean that the industry will face some significant regulation by early next year."
In early May, the Federal Reserve proposed new 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. The Fed is still soliciting comments on the proposed changes - although the comment window closes later this month. The comments are posted publicly on the Fed's web site - so far, over 9,800 comments have been submitted.
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