Uniform Regulations Sought for Consumers: Fed Is Expected to Change Some Credit Control Rules
The Federal Reserve Board today is expected to vote changes in the consumer credit controls program it. announced only two and a half weeks ago.</br></br>The changes could force many lenders who have already announced plans to comply with the FedÛªs original program to revise their credit requirements.</br></br>Testifying before a congressional subcommittee, Federal Reserve governor Nancy Teeters said the changes under discussion are aimed at two goals: Û¢ Giving consumers in all states uniform notice of changes in the terms of credit card accounts that are made to comply with the Federal ReserveÛªs credit controls.</br></br>At present 33 states let lenders change the minimum payment and even the interest rate and/or other terms of a credit account simply by telling the consumers.</br></br>But 17 states require that consumers be given from three months to a yearÛªs advance notice of any changes in credit account terms.