Credit Card Protections Adopted by Federal Reserve
Legislation Congressman Jim Himes (CT-4) helped pass to protect credit card users took a step forward yesterday when the Federal Reserve adopted the rules required by the Credit Card Holders Bill of Rights. An article posted by the Associated Press explains that, when the rules go into effect in August, credit card companies will face new restrictions in applying penalty fees, late fees, and interest rate hikes.
“I helped pass strong reforms to protect credit card users because banks have been using confusion and lack of transparency to profit from consumers,” said Himes. “While we, both as a nation and individually, must be more careful to avoid spending beyond our means, credit is an essential piece of a vibrant economy. The rules for borrowing and paying off debt have to be fair, clear, and reasonable.”
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