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Home > Blog > Credit Nightmares > New Banking and Credit Card Policies on the Horizon

New Banking and Credit Card Policies on the Horizon

Posted by: Desiree B. | Apr 29,2008

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The Federal Reserve hopes to introduce some new banking and credit card policies, say reports. The new policies will further explain credit card disclosure statements to confused customers, who feel duped by credit card companies. Specifically, credit card interest rates and fees will be outlined in greater detail with the new policies.

In the past, the Federal Reserve has instituted changes that resulted in disclosure statements to help consumers better understand fees and rates for banks and credit cards. The Federal Reserve, the National Credit Union Administration and the Office of Thrift Supervision have determined that some credit card and banking practices are still deceptive or confusing and that more changes are needed.

Changes Include Reduced Banking Fees and Credit Card Interest Rates

Credit card interest rates are among the changes highlighted in the new policy proposal. Bank fees for being overdrawn are also being called to task in the new policy. Both credit card interest rates and banking fees could be reduced or at least capped under the new Federal Reserve initiative. One of the best ways to determine fees and rates for credit cards before applying is to read consumer reviews. Experts on Credit has reviews for prepaid credit cards, student credit cards and more online.