ALEXANDRIA, Va. - On a unanimous vote after little discussion,the NCUA Board today withdrew rules issued by the agency and otherfinancial services regulators last year aimed at regulating whatthey constitute as "Unfair or Deceptive Acts or Practices."


The regulations were superseded by the CARD Act that Congresspassed last year. Some of the law's provisions took effect lastyear while the majority of them take effect on Feb. 22.


The law places limits on the ability of credit card issuers toraise rates, limits fees and limits fees on subprime credit cards.These were dealt with in the regulations that the NCUA and otherregulators issued last year.


NCUA Staff Attorney Tonya Green told the board that many of therules contained in the CARD Act were stronger than those issued bythe regulators last year.

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