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Jul 20, 2010 11:04 AM by Bea Karnes, News First 5

Senator wants more credit card protection

A lawmaker in Congress is prodding the Federal Reserve to provide more protection so that credit card users don't get socked by exorbitant interest rates when they fall behind on their payments.

Sen. Charles Schumer, D-N.Y., said, "Credit card companies can still double or triple the interest rate when a consumer falls two months behind on payments," despite new Fed rules.

Schumer wants the Fed to alter the rules, which take effect Aug. 22, to prevent big rate hikes under such circumstances. If the Fed doesn't act, Schumer says he'll seek legislation to compel the Fed to do so.

Congress directed the Fed to implement the new rules in a sweeping law enacted last year.

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FALCON- Aden Knar, a third grade student at Falcon Virtual Academy, is in need of a life-saving bone marrow transplant. His school, Falcon Virtual Academy, will host a bone marrow donor drive tomorrow to help find a match Aden. Knar, 10, was diagnosed at age 4 with acute lymphoblastic leukemia and entered remission in 2008. In November 2013, the Knar family learned that the leukemia had returned, and is now isolated in his bone marrow. In an outreach of support, Falcon Virtual Academy hosted a bone marrow donor drive in January, and will be hosting another tomorrow from 10 a.m. - 2 p.m. at 6113 Constitution Ave., directly west of Care and Share Food Bank for Southern Colorado. "We wanted to reach out to the family again," said Jodi Fletcher, assistant principal. Fletcher explained that more than 250 people participated in the January drive, and she hopes to have similar numbers April 19. The money from a bake sale at the drive, and a portion of the proceeds raised from a spring formal...

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