Thursday, March 4, 2010

Fed proposes limits on credit card penalty fees

Ylan Q. Mui reports: The proposed regulations represent the Fed's latest efforts to comply with the sweeping credit card reform legislation passed by Congress last spring. The final phase of the legislation, slated to take effect in August, requires that any penalty fees be "reasonable and proportional" -- and lawmakers left it to the Fed to determine exactly what that meant. -- full story


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