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January 15, 2010 | alternatives, federal legislation, industry | Comments (0)The Federal Reserve sets new credit card rules. From the story:
The Federal Reserve has knocked the “floor” out from under variable interest rate credit card accounts.
Consumer groups are applauding a new rule, released by the Fed this week, that will force credit card issuers to do away with a growing industry tactic that benefited banks but troubled consumer advocates: The Fed said that on variable rate credit cards, interest rates must be allowed to fall, not just rise.
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