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Shifting sentiment and the Troubled Asset Relief Program (TARP) in full swing, lawmakers have tremendous leeway over the banks to force changes, more so then any time in recent memory. Lawmakers have to be sure to tread carefully by not let the pendulum swing to far the other way. Creating laws the restrict credit further by lowering the banks profitability and ability to asses risk on credit cards, particularly with riskier credit card holders. Some unfair credit card practices should be changed, alleviating some of the pressure on consumers. After all, banks are getting relief from the goverment because of their reckless lending, why not the consumer as well? The Federal Reserve has proposed the following changes:
The Credit Cardholders’ Bill of Rights propose the following changes:
The proposed bill also contains many of the new regulations the Fed has proposed. Related: Michigan Bankruptcy http://www.mylifesuks.com/2009/02/carnival-of-personal-money-management.html |
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