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Federal Reserve Informative - Fed also seeks more notice before term changes made

Review by Ponie on 2007-05-25
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:

http://www.clickondetroit.com/money/13381766/detail.html?taf=det

I think it's a good read.
Comments:7 Replies - Latest reply on 2007-05-27
Posted by Anonymous on 2007-05-25:
Good post, thanks for the information.
Posted by Anonymous on 2007-05-25:
Yeah good stuff Ponie!

Hey Liddy, why so rude to everybody?
Posted by bill on 2007-05-25:
Stew: How is Liddy being rude by thanking Ponie for a good post? That doesn't make any sense.
Posted by bill on 2007-05-25:
At the risk of being rude, I also want to thank Ponie for a very informnative post. I voted it very helpful.
Posted by Ponie on 2007-05-25:
Thank you very kindly, ladies/gentlemen.

Now, now--let's be nice to each other. No riots, please. In fact, let's all meet at the corner establishment for a brewski and start the long weekend early. I think I already did. I did the above post at around 3:00am after a long night(?).
Posted by Anonymous on 2007-05-25:
bill: I was just yanking liddy's chain.
Posted by Anonymous on 2007-05-27:
Thanks bill! Stew is like that he is French Cadnadian you know. lol

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