Card Issuers To Get Fed Briefing: Credit Card Issuers to Receive Briefings From Federal Reserve
Credit card issuers struggling to comply with the Carter AdministrationÛªs efforts to curb consumer borrowing will meet with Federal Reserve officials today to learn details of the government program.</br></br>Executives of credit card companies, department stores, gasoline refiners and other consumer credit sources have been invited to meet with Federal Reserve Board officials, who held a similar session with bankers on Monday.</br></br>The session is supposed to give credit issuers guidance on crucial questions that ultimately will affect the monthly credit card bills of millions of Americans.</br></br>tion, the Federal Reserve on Friday put a cap on the amount of credit consumer lenderÛªs can extend without facing penalties. If the creditors increase the amount they lend beyond what it was last Friday, they must put 15 percent of the excess into a non-interest-bearing bank account.</br></br>To comply with the government order, credit card companies are planning to increase their minimum monthly payments, slap on new service charges and limit the amount customers can charge on their cards.