Financial Regulatory Forum

US Fed seeks limit on credit card penalty fees

By Reuters Staff
March 3, 2010

WASHINGTON, March 3 (Reuters) – The U.S. Federal Reserve on Wednesday proposed another new rule to strengthen consumer protections against abusive practices by credit card issuers, including limiting penalty fees and requiring them to reconsider past interest rate hikes.

Freeze U.S. credit card rates, says Sen. Dodd

October 26, 2009

The entrance to a Capital One Bank is seen in New York  August 17, 2009. Capital One Financial Corp's U.S. credit-card defaults and delinquencies rose in July, sending shares down 4.7 percent in premarket trading, as more Americans lost jobs and struggled to pay their debts.  REUTERS/Shannon Stapleton  (UNITED STATES BUSINESS)   WASHINGTON, Oct 26 (Reuters) – Senate Banking Committee Chairman Christopher Dodd said on Monday he was introducing legislation calling for a temporary freeze on credit card interest rates on existing balances. (more…)