Feds vote Thurs remake cc rules

iVillage Member
Registered: 11-17-2007
Feds vote Thurs remake cc rules
1
Mon, 12-15-2008 - 12:16am

This was in our newspaper today.


Fed Reserve will vote Thursday on sweeping reform of credit card ind. that would ban practices such as retroactively increasing interest rates at will and changing late fees when consumers are not given a reasonable amount of time to make payments.


The draft of regulations have been finished and the congress

iVillage Member
Registered: 03-17-2003
Mon, 12-15-2008 - 9:21am

"Industry officials have lobbied against the provisions particularly the one restricting their ability to raise interest rates They have warned that the changes would force them to withhold credit or raise interest rates because they won't be able to manage their risk."


I find this to be utterly arrogant.