Credit card holders are facing fewer interest rate hikes and forking over sharply less in late fees.
A year after new regulations curbed a spate of questionable billing practices, federal officials say over-the-limit penalty charges have also been dramatically curtailed. The findings come from the newly created Consumer Financial Protection Bureau, which will assume responsibility for administering the regulations once it’s officially up and running this summer.
The agency is set to present three sets of data at a conference it’s hosting Tuesday on the one-year anniversary of the Credit Card Accountability, Responsibility and Disclosure Act, or the CARD Act. Here are the highlights:
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