01/14/2010 - Consumers scored a few unexpected victories in a set of Federal Reserve rules issued earlier this week.
The Fed issued 1,155 pages of rules Tuesday telling banks how to comply with new laws regulating credit cards that go into effect on Feb. 22. In a handful of cases, in which the law was unclear, federal regulators used their discretion to go a step further to protect consumers.
One little-known practice that the Fed banned: Card issuers won't be allowed to set minimum interest rates.
"I was pretty pleased with that," said Nick Bourke, co-author of The Pew Charitable Trusts credit card study. "These floors simply didn't meet the requirements of the law."
Read the full article Consumers Score a Win on Credit Card Rules on CNNMoney.com.
Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.