FEDERAL AGENCIES PROPOSE REGULATIONS ADDRESSING "UNFAIR" AND "DECEPTIVE" ACTS AND PRACTICES RELATING TO CREDIT CARDS AND OVERDRAFT SERVICES.

The article discusses the federal laws on credit cards and overdraft services of financial institutions. It explains that such rule require changes to the financial institutions services such as disclosures on consumer credit card and deposit accounts. It explains the seven provisions of the proposed rule published by The Board of Governors of the Federal Reserve System, Office of Thrift Supervision and the National Credit Union Administration. It includes consumer credit card account practices rule such as time to make payment, allocation of payments and annual percentage rate increases on outstanding balances.