On September 29th, the Federal Reserve Board proposed rules that would amend that portion of Regulation Z (Truth in Lending) affecting credit cards. Among other things, the proposed rule would prohibit increases in interest rates 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 less than 21 years old 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; and prohibit creditors from allocating payments in ways that maximize interest charges. Federal Reserve Board Press Release.