The Federal Reserve Board (Board), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) collectively are proposing several new provisions intended to protect consumers against unfair or deceptive acts or practices with respect to consumer credit card accounts and overdraft services for deposit accounts.

Proposed changes include ending:

• unfair time constraints for consumers to make payments;
• unfair allocation of payments among balances with different interest rates;
• unfair application of increased annual percentage rates to outstanding balances;
• unfair fees for exceeding the credit limit solely because of a hold placed on an account;
• unfair balance computation method;
• unfair financing of security deposits and fees for issuance or availability of credit; and
• deceptive firm offers of credit.

These regulatory agencies are soliciting public comment on these proposed rule changes. Join me in submitting comments in favor of passing these rules to end "gotcha capitalism" and give Ohioans a level playing field for their personal finances. You can submit your comments to me below, and I will forward them to the appropriate agencies.