Fed proposes to end unfair, deceptive credit card practices
Today, the Federal Reserve and other regulators have decided to take on the credit card companies. According to this AP report, changes are coming.
The proposed new rules would prohibit:
-Placing unfair time constraints on payments. A payment could not be deemed late unless the borrower is given a reasonable period of time, such as 21 days, to pay;
-Unfairly allocating payments among balances with different interest rates;
-Retroactively raising interest rates on pre-existing balances;
-Placing too-high fees for exceeding the credit limit solely because of a hold placed on the account;
-Unfairly computing balances in a computing tactic known as double-cycle billing;
-Unfairly adding security deposits and fees for issuing credit or making credit available;
-Making deceptive offers of credit.
Rooting around on the Federal Reserve website, I cannot work out what the comment procedure is, or I would link to it.
Front page
Where is the OCC on this?
And can we see its administrators do the perp walk, for turning their heads to these abuses for decades?
dunno
what is the OCC?
Our Country economics are so ass backwards it is pathetic
This is funny; the Federal Reserve board is going to do something about credit cards?
The Federal Reserve, a long time operation that is totally unconstitutional besides being blatantly corrupt for the rich is going to do something for Americans? This is so laughable. This Federal Reserve stuff has been going on near a century doing money operations run by Private Corporation by the rich. When in direct positive operations this whole thing should be run be the elected Congress. The American money system has been ass backwards for nearly a century.
Another funny is the latest news that Barbra Walters was once Allen Green- spans mistress. He haw, that is something. Barbra was cranking the Fed chairman and likely privy to those trillion dollar deals. ABC was in credit heaven. Now that’s hot stuff. Her credit really must be good now. LOL.
However America must remember that Andrea Mitchell the host on MSNBC that is a political analyst is giving America inside information on those trillion dollar deals now. Andrea Mitchell is wife now of former Allen Greenspan. Yikes, and this lady is making political opinions on MSNBC.
Now maybe John Doe America can belly up to the Federal Reserve window and barrow a few billion dollars instantly like Bear Stearns. Would that be cool or what? Not gona happen though right.
Ya down with OCC? *No.*
http://www.occ.treas.gov/
“The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.”
And, in the FRONTLINE doc about the credit card exploitation system, the Office was in the forefront of obstructing states’ Attorneys General efforts to curb the worst usurious and deceptive credit card contract practices. It’s not significant that the OCC finally went after telemarketing and drug money laundering banks; it would be significant if it was shown to given lax guidance to those banks, who responded by giving generous campaign contributions to connected politicians, before these desultory efforts.