New Credit Card Rules Proposed by Federal Reserve

Credit card companies are endorsing the Federal Reserve Board’s proposal to mandate better disclosure of credit card terms to consumers, apparently hoping that more disclosure will head off Congressional attempts to outlaw some of the practices consumers complain about the most. Kathleen Day of the Washington Post has been following the dynamic between some lawmakers’ attempts to prohibit some of the worst industry practices and the Federal Reserve’s proposal to disclose those practices but keep them legal. As Kathleen Day’s article (discussed above in Mark Anderson’s May 27 post) points out, some of the worst industry practices include “universal default,”...

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