IRS Tax Support

The Federal Reserve is taking steps to crack down on “unfair and deceptive” credit card industry practices that have added to the financial woes of millions of people trying to cope with the economic downturn.

The Fed on Friday gave approval to proposed rules that would target credit card companies that arbitrarily raise interest rates or don’t give borrowers adequate time to pay their bills.

Consumers and lawmakers praise the proposals as needed and long-overdue. The banking industry opposes them, saying they would limit consumer choice.

AP