Yesterday the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration approved regulations that would prohibit certain credit practices, such as increasing interest rates on existing balances unless a payment was received more than 30 days late, charging a late fee if borrowers are allotted less than 21 days to pay, and applying payments so that debts with higher interest rates are repaid last. The regulations would also restrict fees that reduce available credit on subprime credit cards. Financial institutions must comply with the new regulations by July 1, 2010. You can read about the regulations in the Washington Post.
The Federal Reserve issued a press release on Thursday that describes its approval of the final rules. The Office of Thrift Supervision, an agency of the Treasury Department, also issued a release about the ruling. To learn more about the National Credit Union Administration, take a look at its website, which contains fraud alerts, consumer information, credit union data, and links to financial resources.
You can find additional resources on our guide to Banking, Banks, and Credit Unions.
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