Banks Warned About Deceptive Credit Card Marketing

[jeffrey]

U.S. regulators warned banks against soliciting some customers for credit cards with temporarily low interest rates or high credit limits, saying such advertising can be unfair or deceptive.

In an advisory letter Tuesday, the Office of the Comptroller of the Currency told banks not to market credit up to dollar limits that are seldom extended. The OCC told banks specifically not to target consumers with limited or poor credit histories for those kinds of offers.

If banks provide consumers with a lower credit limit than advertised, they must make that clear, the regulator said... [read more at usatoday.com]