Among the new rules, financial institutions and retailers offering credit cards and other products could advertise that they offer fixed interest rates only if they clearly state how long the rate is
set and that the rate is not allowed to rise during that period. If no time period is specified, the rate cannot increase while the card or loan is in effect. Ads mentioning minimum payments would
have to state how long it would take to pay off a balance making just minimum payments.
The proposed rules are subject to a 120-day comment period and could be modified before being issued in final form. The Fed also plans a new look at mortgage and home-equity financing.
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