RENEE MONTAGNE, Host: NPR's business news starts with new rules for credit card companies.</s>RENEE MONTAGNE, Host: The regulations are likely to include banning card companies from changing interest rates on existing balances, except in certain cases. Lenders may also be banned from changing the terms of a credit card if the borrower is late in paying other bills, like utility bills. These rules wouldn't take effect until mid-2010. The industry says the changes will cost them billions. Consumer advocates say the reforms don't go far enough.
The Federal Reserve meets later this week to finalize rules that would affect the credit card industry. The regulations are likely to include banning card companies from changing interest rates on existing balances, except in certain cases. The aim is to protect consumers, but industry representatives say the changes will cost them billions. Consumer advocates say the reforms don't go far enough.