Ottawa to propose credit card reforms
Finance Minister Jim Flaherty is set to propose regulations next week that would require companies that issue credit cards to provide their customers with clearer information about the interest they're paying.
Mr. Flaherty declined in an interview to give details of what he intends to propose. He spoke on the sidelines of meetings with counterparts in the G7 nations in Washington yesterday.
The Finance Minister emphasized that he is unconcerned with the level of credit card interest rates, saying issuers should be left free to set whatever rate they choose. However, he said he wants to set standards for how those companies explain their interest rate policies to cardholders.