Along with the other Federal banking regulators, the OCC issued guidance in January 2003 that required changes in credit card lending and account management practices. The guidance applies to all financial institutions that issue credit cards.

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Federal banking laws and regulations do not determine the rate of interest national banks may charge on credit cards and other types of loan accounts.

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No. There is no Federal law that requires credit card companies to provide notification. The best way to protect yourself is to review your accounts and statements regularly, and notify the bank immediately if you spot any irregularities.

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Yes. Your income is one measure of your ability to repay the credit card you’re applying for. The request of this information is a safe and sound banking practice used by all credit card companies and banks.

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Yes, a national bank can change the issuer on a credit card account as long as the bank sends you a notice of the change at least 15 days in advance.

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