Four national consumer groups have urged the Federal Reserve to clamp down on practices, they charged, large issuers have put into place to avoid the most recent credit card reform act.
The accusation seemed to lay to rest concerns that one consequence of the new card reform law would be a blending of cards in the card marketplace and a resulting loss among credit union card issuers to the claim of being more consumer friendly.
Consumer Action, Consumer Federation of America, the National Consumer Law Center and the U.S. Public Interest Research Group wrote a Nov. 20 letter to the Fed complaining that large issuers were still putting into place retroactive rate increases, over limit fees, so-called 'variable rates' that only increase and never decrease and avoiding the consumer's ability to opt out of rate increases and close their account to pay it over time.
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