Federal Reserve Informative - Fed also seeks more notice before term changes made
TROY -- We've all read them: I was late with one payment and my interest rate increased significantly, a hefty late payment fee was tacked on, etc.
Federal Reserve Chairman Ben Bernanke proposes changes to current regulations. He proposes 45 days' notice for certain changes to accounts as opposed to the current 15 days (in most cases). He stated the extra time would give people an opportunity to pursue their options, including switching to another credit card provider.
The Fed's proposal calls for a table summarizing the changes on the statement above the list of consumers' transactions. The proposal also aims to make language easier for people to understand.
Although I dislike a post which directs us to another site, since the information given is quite lengthy it can be viewed in its entirety at:
I think it's a good read.