Other LanguagesThe Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services. The rules would protect consumers from unexpected increases in the rate charged on pre-existing credit card balances and offer consumers some protections on overdraft charges.
"The proposed rules are intended to establish a new baseline for fairness in how credit card plans operate," said Federal Reserve Chairman Ben S. Bernanke in a new release. "Consumers relying on credit cards should be better able to predict how their decisions and actions will affect their costs."
The agency highlighted the proposed changes on its Web site and Seattle P-I blogger Phuong Le provides this helpful breakdown. Submit your comments to the feds by clicking here and scrolling to the bottom.