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February 26, 2021
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Credit Card Rules
(2008-08-05)
(wgvu) - U.S. Senator Carl Levin says he supports the
Federal Reserve's proposed restrictions on credit card practices,
but the rules don't go far enough.
The Michigan Democrat chairs the Senate's investigations
subcommittee.
He says the Fed should expand its rules to limit such practices
as charging interest for debt paid on time and interest on
transaction fees.
Levin says he also wants an end to fees on consumers paying
their bills on time as well as billing amounts that force consumers
to pay four or five times their original debt.
In May, the Federal Reserve and other regulators proposed steps
to end "unfair and deceptive" credit card industry practices.
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