Government Cracks Down on Unfair Credit Card Practices

The Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration approved rules that would limit certain practices by credit card issuers. Under the rules, banks, credit unions and savings associations are banned from raising interest rates on existing balances and charging late fees if the borrower was given less than 21 days to pay. The rules are considered one of the biggest overhauls for the industry in decades. 

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