This story appeared in Bank Digest.
The Federal Reserve Board has proposed rules amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices. “This proposal is another step forward in the Federal Reserve's efforts to ensure that consumers who rely on credit cards are treated fairly,” said Fed Governor Elizabeth A. Duke. “The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts.”
Among other provisions, the proposed rule would:
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