Summary Box: Fed moves to protect credit card customers
By APTuesday, June 15, 2010
Summary Box: Fed issues credit card protections
NEW PROTECTIONS: The Federal Reserve adopted rules to protect credit card customers from getting hit by abusive fees for late payments and for other things. For instance, the rules bar credit card companies from charging a penalty fee of more than $25 for paying a bill late, and they prevent multiple penalty fees on a single late payment.
WHEN TO CHECK YOUR STATEMENTS: The rules take effect Aug. 22.
FORCES BEHIND THE ACTION: Congress, responding to public outrage, directed the Fed to implement the rules.
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