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NCUA Approves New Credit Card Rules

WASHINGTON - Federal credit unions and other credit card issuers would be banned from charging interest on repaid debt under regulations approved today by the NCUA and two other regulatory agencies.

By Claude R. Marx | Updated on December 17, 2008

WASHINGTON – Federal credit unions and other credit card issuers would be banned from charging interest on repaid debt and not providing adequate notice on when payments are due, under regulations approved today by the NCUA and two other regulatory agencies.

Credit card issuers must apply payments to the highest outstanding balance if a cardholder had more than one balance. Credit card issuers can’t increase the rate within the first year unless it was disclosed when the customer received the credit card unless the consumer makes a late payment. A credit union must give 45-day notice of any subsequent rate increases.

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