I got the following email from the State of Ohio's Treasurer, Richard Cordray, about proposed credit card changes by the Fed, OTS, and NCUA...worth a read and if you agree with the proposals, make your voice heard by following the link in the email.
By the way, I was skeptical of the email and took it upon myself to email the Treasurer's office. An official there confirmed that the email was legitimate.
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As you may be aware, the Federal Reserve Board(Board), the Office of Thrift Supervision(OTS), and the National Credit Union Administration(NCUA) collectively are proposing several new provisions intended to protect consumers against unfair or deceptive acts or practices with respect to consumer credit card accounts and overdraft services for deposit accounts.
Proposed changes include ending:
- unfair time constraints for consumers to make payments;
- unfair allocation of payments among balances with different interest rates;
- unfair application of increased annual percentage rates to outstanding balances;
- unfair fees for exceeding the credit limit solely because of a hold placed on an account;
- unfair balance computation method;
- unfair financing of security deposits and fees for issuance or availability of credit; and
- deceptive firm offers of credit.
These regulatory agencies are soliciting public comment on these proposed rule changes.
To enable ordinary citizens to have a voice in this rule making process, Ohio Treasurer Richard Cordray is collecting comments which he will forward to these agencies before the August 4th deadline. Citizens can go to the Ohio Treasury’s personal finance website, www.yourmoneynowonline.org to submit their comments supporting these new rules. The goal is to collect 10,000 before the deadline is reached.
We would very much appreciate your help in alerting your readers about this issue, and if you wish, directing them to www.yourmoneynowonline.org to submit their comments. If you have any questions, or would like to talk to someone at the Ohio Treasury we’re always listening and can be contacted at publicaffairs@tos.ohio.gov
Best regards,
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