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Empresas y finanzas

U.S. credit card rule changes approved


    WASHINGTON (Reuters) - Final rules aimed at preventing credit card holders from being hit by unfair and deceptive practices such as surprise fees and interest rate hikes were approved on Thursday by the U.S. Office of Thrift Supervision.

    The new regulations are expected to bring some relief to millions of card holders but result in lower revenue for credit card issuers.

    The Federal Reserve Board and the National Credit Union Administration are expected later on Thursday to approve the same regulations, which go into effect on July 1, 2010.

    OTS Director John Reich said in a statement that the rule will "ensure fair treatment" for the millions of American credit cards users.

    "The rule will enhance public confidence in financial institutions and establish a level playing field for institutions that want to do business fairly without suffering competitive disadvantages," Reich said.

    In 2007, Americans used an estimated 694.4 million credit cards with Visa, MasterCard, American Express and Discover logos, according to the Card Industry Directory.

    Citigroup, Bank of America and JPMorgan Chase enjoyed almost 70 percent of the credit card market at the end of 2007, according to the directory.

    (Reporting by John Poirier and Karey Wutkowski; Editing by Andrea Ricci and Steve Orlofsky)