New credit card disclosure rules for solicitations
Today,Financial reports about New credit card disclosure rules for solicitations, agreements and periodic billing statements take effect today as part of reforms approved by the Federal Reserve Board in December 2008. According to Nessa Feddis, VP and senior counsel for regulatory compliance at the American Bankers Association, an industry trade group, these are some of the key changes:
* Credit card offers will have an updated look and new formatting requirements. For example, the fees and APRs must be displayed in bold text, and the interest rates must be in 16-point font as well. s.
