Federal Reserve to rule on credit cards rules on Thursday.
The Federal Reserve is to vote on credit card reforms that may bring some relief to customers who face a variety of ways for being hit with late fees, universal defaults, shorter payment periods and confusing payment allocations for different balances.
Credit card users likely also would see easier-to-read tables in their monthly statements as a result of the changes.
The new rules, which were proposed earlier this year, are expected to total some 1,000 pages. They need approval of the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration, which all are expected to act on Thursday.
The articles says there are 1000 pages of rules to be voted on yet this is the first I have heard about it. Anyone know what is in the fine print or is it just the same legalize that comes with your billing statement?
Info on what they're doing
http://www.federalreserve.gov/newsevents/press/bcreg/highlightscredit200... has a summary of highlights, and http://www.federalreserve.gov/newsevents/press/bcreg/20080502a.htm is the press release including links to the proposal. http://online.wsj.com/article/SB122930067098005381.html?mod=googlenews_wsj mentions at the end one important thing they've decided to leave out of their new rules for now, but overall it's a major win in terms of consumer credit card protections.
If anything is predatory, it is credit card companies.
I hope they cut them off at the knees.
They're asking for another four years -- in a just world, they'd get 10 to 20 ~~ Dennis Kucinich