Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Fed proposes limits on credit card penalty fees [WaPo]

Thursday, March 4, 2010 - 7:46 AM
From the Washington Post
The Federal Reserve proposed restrictions Wednesday on penalty fees that credit card issuers can charge consumers, including limiting the amount of late fees.
Here's the link to the Federal Reserve press release and here's one notable proposed rule:
Ban inactivity fees, such as fees based on the consumer's failure to use the account to make new purchases.
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
Reply