01/13/2009 05:12 am ET Updated May 25, 2011

New Credit Card Rules Have Banks, Consumers Bracing

The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday.

The Federal Reserve is to vote on credit card reforms that may bring some relief to customers who face a variety of ways for being hit with late fees, universal defaults, shorter payment periods and confusing payment allocations for different balances.

Read more on Reuters