On June 15, the Fed 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 final rule represents the third stage of the Fed’s implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The provisions of the Act addressed in this rule will generally go into effect on August 22. Federal Release.  Final Rule.