= Subscriber content; or subscribe now to access all American Banker content.

Dodd-Frank Reform Watch
Sponsored by

Fed Criticized Over 'Inadequate Standards' for Credit Card Disclosure Rules

CardHub.com blasted the Federal Reserve Board after releasing a report evaluating what credit card issuers are required to tell their customers about possible interest rate hikes.

The web site, which allows consumers to compare credit card offers, claimed the Fed may have been meeting disclosure standards regarding the re-pricing of credit, but they were inadequate. The report criticized "the Fed for omitting key consumer protections in its guidelines, such as what can trigger a rate increase for existing balances versus new transactions," writes American Banker's Kevin Wack.

The Fed yielded all authority over credit-card disclosure rules to the Consumer Financial Protection Bureau as a result of the Dodd-Frank Act. Last December, the CFPB released its own sample disclosure form which received a much more positive review from CardHub.

For the full piece see "Fed Blasted Over Credit Card Consumer Protection Rules" (may require subscription).




Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.