Therefore, in May we took the next step in our ongoing effort to enhance protections for consumers who use credit cards by proposing rules under the Federal Trade Commission Act to prevent financial harm to consumers from specific practices. We proposed rules that go beyond disclosure and could require financial institutions to make changes to their business models and to alter some practices.
The Board has worked jointly with the Office of Thrift Supervision and the National Credit Union Administration in drafting and issuing a proposal intended to prevent financial harm to consumers from specific practices that the agencies find to be potentially abusive.