WASHINGTON, Dec 18 (Reuters) - The U.S. Federal Reserve on Thursday approved final rules aimed at cracking down on unfair credit card practices and improving disclosures to consumers.
The regulations on unfair and deceptive practices, approved earlier on Thursday by the Office of Thrift Supervision and the National Credit Union Administration, restrict surprise fees and interest rate hikes and are expected to result in lower revenue for credit card issuers.
The disclosure regulations will provide credit card users with more information about the negative impacts of late payments and paying minimum amounts, as well as more prominent information on rates and fees. (Reporting by Karey Wutkowski and John Poirier, editing by Gerald E. McCormick)
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