Posted on Wednesday, 16th June 2010 by Gregory Moore
On Tuesday, the Federal Reserve Board enacted additional consumer protections for credit card users in the ongoing game of legislative whack-a-mole. These new rules, which won’t go into effect until August 22, may bring some relief to perpetually bedraggled plastic swipers. But if we’ve learned anything from recent history, it’s that each push against credit card issuers nets a an equal or greater reaction from the industry. Let’s take a quick look at some of the bones that the Fed is throwing before looking into the crystal ball to see what overcompensating screw-over tactics the credit card industry will cook up next.
Late Fees and Penalties Capped at $25
Under the new rules, late fees and over-the-limit penalties cannot exceed $25. Further
By Oregon Tax News,
Every company has an accountant. They are often seen as gray men, with round glasses and little social skills. Many think that their existence is justified by bookkeeping, which, in turn, is a law enforced requirement, right?