Released: July 29, 2008

Credit card gripes flood Fed

Source: Kathy Chu, USA Today

Consumers are filing a record number of comments — mostly complaints — about credit cards with the Federal Reserve, adding momentum to efforts to reform the industry.

The comments respond to a rule that the Fed has proposed to curb “unfair and deceptive” lending. The public has until Aug. 4 to weigh in. Already, nearly 33,000 consumers, advocates and industry groups have done so — by far the most responses ever received on a credit card proposal, the Fed says. It plans to issue a final rule later this year.

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