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Published: Tuesday, 7/29/2008

Mayor backs legislation to ban credit card abuses

Toledo Mayor Carty Finkbeiner yesterday announced that he has proposed a resolution to Toledo City Council in support of proposed legislation for regulations to be adopted that would ban detrimental credit card account practices.

They include unfairly short time frames to make payments, allocation of payments to balances with the lowest rates first, increased interest rates applied to existing past balances, unfairly computing outstanding credit balances inequitable security deposits, and deceptive firm interest rates that change after sign up, Mr. Finkbeiner said.

Council will review the proposal at its regular meeting today.

The ordinance would urge the National Credit Union Administration, Federal Reserve Board, and Office of Thrift Supervision to adopt reforms proposed for the Federal Trade Commission Act, Truth in Savings Act, and Truth in Lending Act to protect consumers from unfair and abusive practice by the credit card industry.

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