A new series of rules for financial institutions will prohibit specific acts that have been deemed predatory.
In December 2008, the Federal Reserve Board, Office of Thrift Supervision and National Credit Union Administration established a series of credit card rules to protect consumer interests. To promote fair access to credit, financial institutions will be prohibited from engaging in specific acts or practices that have now been deemed predatory. This series of rules will significantly impact the availability of credit.
The rules aim to
New Federal Reserve rules also give debit and ATM card users additional options regarding overdrafts. In the coming months, banks, credit unions, and other financial institutions must offer you the ability to make decisions about overdrafts for transactions made with your debit or ATM cards.
A 2010 press release about the specific credit card rules that will go into effect this year.
The Federal Reserve has created a Web page to explain the new credit card rules and what the protections will mean for you.
Every six months the Federal Reserve System surveys the terms of credit card plans offered by financial institutions and publishes a report of the findings.
What You Need to Know: New Overdraft Rules for ATM and Credit Cards
The Federal Reserve Board of Governors, Office of Thrift Supervision, Treasury and National Credit Union Administration request public commentary on a revised proposal of the Federal Trade Commission Act.
The Federal Reserve Board of Governors proposes amendments to Regulation Z provisions and requests public commentary.
Consumer Compliance Outlook publishes an article about the “Final Rules on Credit Card and Overdraft Practices”.
A personal finance guide about choosing credit cards.
Protections for Users of Credit Cards and Overdraft Services
Before the Subcommittee on Financial Institutions and Consumer Credit, Committee of Financial Services, U.S. House of Representatives, Washington, D.C.
The Role of Federal Banking Agencies in Strengthening Federal Financial Consumer Protection
Before the Committee on Financial Services, U.S. House of Representatives