A new online publication from the Board of Governors of the Federal Reserve System explains a set of recently instituted rules that are designed to protect consumers from unfair credit card practices. The rules, in effect since February 22, implement provisions of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009.
The new publication, What You Need to Know: New Credit Card Rules, guides consumers through the key changes affecting their credit card accounts. As the publication explains, the new rules require credit card issuers to improve their account statements and disclosures, limit or eliminate certain fees and interest rate increases, and follow standard billing-cycle time frames. In addition, the rules prohibit creditors from issuing cards to consumers who are under age 21 unless the consumer either has the ability to make the required payments or obtains a cosigner's signature. To read the online guide, which also features a brief glossary of credit card terms and a list of links to other consumer protection resources, visit www.federalreserve.gov/consumerinfo/wyntk/creditcardrules.htm.