Fed to discuss seven-point plan for credit card reform

Federal regulators said this week they're working to reform the credit card industry, including a seven-point plan to cut back on deceptive practices by credit card companies.

Federal regulators said this week they're working to reform the credit card industry, including a seven-point plan to cut back on deceptive practices by credit card companies. The industry recently came under fire for rising interest rates and hidden fees.

"[The] proposal addresses practices that have raised concern about fairness and transparency," said the Office of Thrift Supervision, which released the proposal on Thursday, according to CNNMoney.com. The Office is working with the National Credit Union and the Federal Reserve Board, both of which are expected to release identical plans today.

Meanwhile, credit cards companies are giving their side of the story, and informing the public that new legislation could increase interest rates or make it harder for those with bad credit to get credit cards.

Also:

Retailers such as Wal-Mart, Sears, and Kmart are promoting new incentives to encourage consumers to spend stimulus rebate checks at their stores, such as offering to cash the checks for free or giving a 10% bonus.

The International Longshore and Warehouse Union held a one-day, one-shift strike yesterday along the West Coast to protest the Iraq War for distracting public attention and money from domestic needs.

American Airlines plans to submit a report to the Dept. of Transportation that faults the Federal Aviation Administration (FAA) for the thousands of flights the Texas-based airline grounded earlier this month.

After a mix-up on the show earlier this week, American Idol judge Paula Abdul admitted that the judges sometimes see dress rehearsals, which influences comments during the show.

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