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Proposed regulations aim to protect credit card users
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Consumers may soon get a break from high penalty fees and retroactive rate increases on their credit cards. The Federal Reserve and other banking regulators last week proposed new regulations designed to end unfair and deceptive credit card practices that have cost consumers billions of dollars. As Fed Chairman Ben Bernanke put it, the rules “are intended to establish a new baseline for fairness in how credit card plans operate.” Consumer advocates hail the proposed regulations, which are expected to be finalized by the end of the year, as a good first step, but argue that more reforms are necessary to protect the unwary.
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