The Federal Reserve Board approved a final rule to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year. The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers. The provisions of the Act addressed in this rule will generally go into effect on August 22, 2010. Read more...