Regulators moved to help consumers with credit cards by barring “unfair or deceptive” practices, including fees and interest-rate increases blamed for pushing Americans deeper into debt.
The Office of Thrift Supervision, the Washington-based regulator of savings-and-loan associations, today approved rules that limit rate increases on existing balances and require lenders to give consumers a reasonable time to make payments. The Federal Reserve and the National Credit Union Administration are to approve the same rules later today.
“The rule will enhance public confidence in financial institutions and establish a level playing field for institutions that want to do business fairly without suffering competitive disadvantages,” OTS Director John Reich said in a statement.
