On August 22, 2010 still more regulations are coming.
Penalties and fees will be reviewed to insure they are “reasonable and proportional to the violation.” Also, the government wants issuers to “review previously increased rates” going back as far as January 1, 2009, to see if these rates can be reduced.
Overall, I think the legislation was long overdue though I worry about the heavy-handedness government regulators may impose. When they start measuring font sizes on promotional signs, I get worried. Who would’ve ever thought that the credit card industry would be one of the most heavily regulated? They’re now right up there with the rest of the financial industry.
Photo by cautionboy69
If you’re wondering where I got all this information, it was part of a PowerPoint presentation I participated in with a major credit issuer a few weeks ago.