Kelley Drye's Consumer Financial Services
Practice Group has prepared a client advisory titled "New Rules Add to a Growing Wave of Proposals to Regulate the Credit Card Industry." New federal rules relating to the credit card industry have been jointly-proposed by three federal agencies. Together these rules are meant to identify and limit "unfair or deceptive" practices alleged to be occurring in the industry. A public comment period will follow allowing institutions an opportunity to comment on the proposed rules. Congressional action on the same topic is also under consideration, indicating the banking institutions may face several new regulatory efforts with regard to credit cards.