New credit card rules proposed

The Federal Reserve and Office of Thrift Supervision had proposed new credit card rules which would do the following:

*Disallow companies that purchase a credit card division from changing the terms of credit cards for existing customers

*Nor can they make special offers of deferred interest and then change the terms through a “universal default” rate increase.

From the Consumer Law and Policy Blog

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: