Consumerworld.org gives us a heads up to a troubling loophole in the Credit Card Accountability, Responsibility and Disclosure Act (otherwise known as the credit card reform bill).

Under the new credit card reform bill, banks have to give consumers 45 days notice before changing fees or interest rates. And consumers have a right to opt out of those changes within that time frame.

However!

According to the federal Office of the Comptroller of the Currency, part of the Treasury Department, banks can go ahead and start applying those changes to new transactions after 14 days of issuing the notices --- even if you ultimately reject the changes.

Government officials may address this problem with regulations but until then, be on the lookout for any notices from your bank or credit card issuers.