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Credit card companies would have to disclose interest
rates and fees in clearer, easier-to-understand language under new
consumer-protection rules proposed the Federal Reserve Board that could take
effect by the end of the year, the Washington Post reported today. The new
rules would require companies to tell customers 45 days before terms of a credit
card contract are changed, compared with 15 days now. The rules would also
expand the list of changes requiring advance notice to include those involving
penalty interest rates, which often range above 30 percent. The proposed rules,
which the Fed unveiled yesterday after a 2 1/2 -year study, would be most
significant change to the nation's truth-in-lending regulations in 26 years.
Federal Reserve Changing Credit Card Rules |
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