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Federal Reserve Limits Credit Card Fees

The Federal Research Board approved a final rule [3] today regarding fees for late payment, penalties, inactivity fees, and other similar charges. The rule amends Regulation Z, Truth in Lending [4], and governs the following:

You can read the actual document here [5] with a summary of the major pieces of the final rule starting on page 4.

These rules will go into effect August 22, 2010.

(Photo: epicharmus [6])