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Consumers Union

Office of the Comptroller of the Currency Sides With Banks Against Consumers on Credit Card Reform Proposal

Published in Law and Health Weekly, September 6th, 2008

The Office of Comptroller of the Currency (OCC) is urging the Federal Reserve Board and other federal regulators to water down a proposed set of rules that would prohibit banks from engaging in certain unfair and deceptive credit card lending practices, according to Consumers Union, nonprofit publisher of Consumer Reports.

As reported in the American Banker, the OCC sent a letter to the Federal Reserve Board, Office of Thrift Supervision, and the National Credit Union Administration, that maintains that restricting these unfair practices would hamper the ability of banks to offer credit to consumers. The OCC recommended that the proposed rules be scaled back...

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