On September 29, 2009
Fed Meddles With Credit Card Issuers
The Federal Reserve’s plan to clamp down on credit card issuers represents a funny about-turn on its previous hands-off economic stance. Only a little while ago, you might remember, former Fed Chairman Alan Greenspan mulled a similar sort of effort over subprime lenders, but concluded ultimately that it would “require a vast effort with no certainty of results.” Today, the Fed “proposed” tough new rules for credit card lenders, which will stop them from unexpectedly raising interest rates in an account holder’s first year, double-billing customers at higher interest rates, and issuing cards to anyone under 21. If these rules sound a little old to you, that’s because they are. In fact, they are exactly the same rules which were…
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