The Federal Reserve is proposing new rules to strengthen Truth in Lending regulation. And , according to the Fed, the new rules would: Protect consumers from unexpected increases in credit card interest rates by generally prohibiting increases in a rate during the first year after an account is opened and increases in a rate that applies to an existing credit card balance. Prohibit creditors from issuing a credit card to a consumer who is under the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so. Require creditors to obtain a consumer's consent before charging fees for transactions that exceed the credit limit. Limit the high fees associated with subprime credit cards. Ban creditors from using the "two-cycle" billing method to impose interest charges. Prohibit creditors from allocating payments in ways that maximize interest charges. Read the Fed's release here .