Wall Street Journal reports on new credit card rules
August 19, 2009 | alternatives, federal legislation, industry | Comments (0)WSJ: What to Expect As New Rules on Credit Cards Take Effect
The bulk of the legislation’s key provisions will take effect in February 2010, including limits on interest-rate increases on existing balances. The following July will see the introduction of new disclosure rules, drafted and approved by the Federal Reserve Board and other banking regulators.
In anticipation of the legislation, major card issuers have been raising interest rates and fees, reducing credit lines and closing accounts.
Comments»
No comments yet.