Comment on Upcoming Credit Card Reforms
The Federal Reserve wants your comments regarding proposed legislation that targets unfair lending practices. These proposals take aim at two-cycle billing, raising interest rates on existing debts, and other practices that some card companies engage in.
This topic has already attracted plenty of comments. The Federal Reserve normally gets about 1,000 comments on issues such as this one. At the time of this writing, the credit industry overhaul topic already had 9,300 comments. It seems like everyone has something to say about the credit reform bills. Consumer advocates praise the reform, while the credit card industry says that stricter laws will result in less competition – and higher prices for card holders.
The Fed expects to make a final ruling on these proposed laws by the end of the year. You can comment on the credit card reform bills until August 4th. Other bills concerning credit disclosures can receive comments until July 18th.
To express your opinion about the proposed changes, go to www.federalreserve.gov. Click on “Consumer Information”, then on “Proposed Rules for Credit Cards and Overdraft Services”. Scroll down until you see “Regulation AA”, and click on “Submit Comment”. Just remember that any comment you leave will be visible to the public.
janet s thomas said,
July 9, 2008 @ 11:02 am
The credit card companies are sometimes outright cruel. They charge enormous fees if you are one day late with your payment. I have been charged an overlimit fee of 39.00 when I was just over 0.80. The reason that I went over the limit was due to the finance charge and not because I had made a purchase. I look forward to some sort of constraints being put in place to assist the consumer. I thought no one cared and the companies were just allowed to run wild and do whatever the pleased.