Federal Rule on Credit Card Practices
Highlights of Scheduled Changes
The following summarizes the final Federal rule prohibiting unfair or deceptive acts or practices in connection with credit card accounts. The rule will take effect July 1, 2010. Time to Make Payments. Prohibits institutions from treating a payment as late for any purpose unless the institution provides a reasonable time for the consumer to make that payment. Financing of Security Deposits and Fees. Prohibits institutions from financing security deposits and fees for availability (such as account-opening fees) if charges assessed during the first 12 months would exceed 50 percent of the initial credit limit. Also limits the security deposits and…
