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CHANGES WOULD CRACK DOWN ON UNFAIR, DECEPTIVE PRACTICES

The Federal Reserve has issued proposed changes to put a stop to some troubling credit-card practices. The official name of the rule is ''Regulation AA — Unfair or Deceptive Acts or Practices.'' The closing date for comments is Aug. 4.

One of the proposals would prohibit banks from increasing the interest rate on a pre-existing credit-card balance, except under limited circumstances.

The credit-card issuers could increase your rate on future purchases, but your rate on past purchases could increase only if you are more than 30 days late in paying.

Rates could also increase if you've got variable-rate increases based on changes in interest rates overall and a short-term teaser rate that would ultimately increase.

You can tell regulators your thoughts on retroactive rate hikes or other practices. Go to http://www.federalreserve.gov for details of the proposal. Be sure to include the docket number ''R-1314'' as a reference in all correspondence related to the credit-card issue.

To file your comments:

• E-mail them to regs.comments@federalreserve.gov.

• Fax them to 202-452-3819 or 202-452-3102.

• Mail them to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave. N.W., Washington, DC, 20551.

Go to http://www.federalreserve.gov/generalinfo/foia/proposedregs.cfm.

Scroll down and click Regulation AA — Unfair or Deceptive Acts or Practices (R-1314).

The Federal Reserve has issued proposed changes to put a stop to some troubling credit-card practices. The official name of the rule is ''Regulation AA — Unfair or Deceptive Acts or Practices.'' The closing date for comments is Aug. 4.

Get the full article here.


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