The Federal Reserve Board, the National Credit Union Administration, and the Office of Thrift Supervision recently passed new regulations for credit card companies.According to the Federal Reserve Chairman, the new regulations will provide credit card users with fairer terms.
The regulations, which will go into effect on July 1, 2010, will: End double-cycle billing; Prohibit credit card companies from increasing the interest rate on pre-existing balances unless a payment is over 30 days late; Require credit card statements to clearly list payments' due date, and any account changes; and Require that payments be applied to higher-rate balances first.
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