ARLINGTON, Va. – The biggest news on credit card regulation is that the rules governing credit card programs really haven't been updated in many years, according to different sources which track credit cards and their regulation.
"First of all, there really aren't many regulations that deal specifically with credit cards," explained Anthony Demangone, NAFCU director of regulatory compliance, "and there really haven't been any significant regulatory changes that would impact credit union card programs."
Maybe it's the bias of an administration and Congress which is ideologically inclined to look poorly on regulation in general, but observers noted that credit card programs around the country have become something of the wild frontier of the financial services industry, with lots of new practices and procedures on card programs (many of which are unpopular with cardholders), but little or no regulation governing those practices.
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