WASHINGTON (CN) - The Board of Governors of the Federal Reserve System is implementing three provisions of the Credit Card Accountability Responsibility and Disclosure Act effective Aug. 22.
Credit card penalty fees must be reasonable and proportional to the violation of the account terms, under the rule. Credit card issuers must reevaluate at least every six months annual percentage rates increased on or after Jan. 1, 2009, and notices of rate increases for credit card accounts must disclose the principal reasons for the increase.
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