Tuesday, September 1, 2009

New Safeguards on Credit Cards

From the FDIC Consumer News

Credit Cards: New Law Protects Consumers from Surprise Fees, Rate Increases and Other Penalties
Some changes are effective now, most start next year

In May, Congress passed and President Obama signed the Credit Card Accountability Responsibility and Disclosure Act of 2009 — the Credit CARD Act — the most sweeping statutory changes in card protections for consumers since the Truth in Lending Act was enacted in 1968. The new law is intended to help protect consumers from abusive fees, penalties, interest rate increases and other unwarranted changes in account terms.

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