More disclosures on credit card statements mandated for February
The Federal Reserve proposed 841 pages of rules designed to protect consumers from costly credit card practices. These proposed rules, if adopted, will take effect in February and represent the second stage of the Federal Reserve's implementation of the Credit CARD Act signed into law by President Obama in May.
Bill Hardekopf, CEO of LowCards.com, discussed these new rules with me by email. The following is a summary of the new disclosures the Federal Reserve will now require from credit card issuers beginning with your February credit card statements: