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Regulators to offer info on new credit card rule
WASHINGTON (2/13/09)—Credit unions, banks and thrifts are invited to sign up for regulators’ free audio briefing on new unfair credit card practices rule. The joint National Credit Union Administration (NCUA), Office of Thrift Supervision (OTS), and Federal Reserve Board event will take a look at the Fed rule intended to crack down on abusive or deceptive card practices. The rule established such things as certain restrictions on increasing interest rates, allocations of payments to balances with different interest rates, timeframe for cardholders’ payments, and also banned double-cycle billing and limited the fees charged for opening an account. The OTS is hosting the two-hour Feb. 24 briefing and call-in, and the NCUA and Fed are participating. Speakers will respond live to participants’ questions. Speakers are scheduled to include:
* Moisette (Tonya) Green, NCUA; * Benjamin Olson, the Fed; and * April Breslaw, OTS.
Submit early questions to consumer.regulations@ots.treas.gov. Use the resource link below to register for the session.
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