Central Banking

Fed outlines tougher cards regime

elizabeth-duke

The US Federal Reserve announced a raft of proposed changes to Regulation Z, protecting credit card users from costly or unfair practices.

Under the proposed changes credit card companies will be banned from a wide number of practices. These include: increasing interest rates within the first year of the life of a credit card or on an existing balance; giving a credit card to a person under 21 without having first determined whether that person can make proper payments; and limiting fees on sub-

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