Pending federal rules would require 45 days' advance notice before credit card issuers could reset cardholders' initial interest rates at higher penalty rates. The advance notice requirement is part of a proposed rewrite of credit card disclosure rules by the Federal Reserve Board. Credit card disclosure rules under the Truth in Lending Act of 1968 have not gone through any substantial changes for years. The Fed is accepting public comments on the proposed rule change until Oct. 12.
October 04, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Pending federal rules would require 45 days’ advance notice before credit cardholders’ initial interest rates could be reset at higher penalty rates.
The advance notice requirement is part of a proposed rewrite of credit card disclosure rules by the Federal Reserve Board.
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