Fed Cracks Down on Credit Card Issuers
The good news is that new rules approved by the Federal Reserve Board in December
will alter the way credit card companies increase interest rates, allocate payments and more. The bad news is that they
don’t go into effect until July 1, 2010. Changes could come sooner if Congress passes the Credit Cardholders’ Bill of
Rights. According to Federal Reserve Chairman Ben Bernanke, the new rules are the most comprehensive and sweeping
reforms ever undertaken by the agency. These protections will allow consumers to access credit on terms that are fair and
more easily understood, he said in a statement. Here's a look at some of the changes: Read more...