. . . June
New credit card restrictions take effect - CNN.com
"Washington (CNN) -- New rules designed to protect credit card users from 'unreasonable late payment and other penalty fees' come into force Sunday as a result of the Wall Street reform bill.
The rules block credit card companies from charging more than $25 for late payments except in extreme circumstances, prevent them from charging customers for not using their cards, and requires them to reconsider rate increases imposed since January 1, 2009, according to the Federal Reserve, which approved the regulations.
They are the final provisions of federal legislation that placed new restrictions on credit card interest rates and fees, completing the most comprehensive overhaul of the credit card industry in history.
The banking industry has already made changes in response to the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, a spokesman said Sunday."
"The industry has moved swiftly to implement all of these changes and the final piece of the puzzle is now in place," said Kenneth Clayton of the American Bankers Association.
"It will still take some time before we can really see how the landscape has changed, but it is clear that consumer choice and control will ultimately drive further changes in the marketplace," he said in a statement.
The Fed's rules could result in lower interest rates for consumers
Read More
