英语文摘：U.S. Fed adopts new rules of credit card

WASHINGTON, June 15 (Xinhua) -- The U.S. Federal Reserve on Tuesday approved a final rule to protect credit card users from unreasonable late payment and other penalty fees, and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year.

"The new rules require that late payment and other penalty fees be assessed in a way that is fairer and generally less costly for consumers," said Fed Governor Elizabeth Duke, the central bank's point person on the rules. "Card issuers must also reevaluate recent interest rate increases, and, if appropriate, reduce the rate," she added.

The rules respond to public and congressional outrage over practices by credit card companies.

They prohibit card issuers from charging a penalty fee of more than 25 dollars for paying a bill late. They prohibit credit card companies from charging penalty fees that are higher than the dollar amount associated with the customer's violation.

They also ban so-called "inactivity" fees when customers don't use the account to make new purchases and they prevent multiple penalty fees on a single late payment.

The rules will generally go into effect on Aug. 22.

The final rule represents the third stage of the Fed's implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009, which was enacted in May 2009.

After the burst of the financial crisis, critics said that it is necessary to tighten regulation on consumer financial service, such as credit card.