While applauding federal banking regulators for finalizing rules to curb some of the most abusive credit card lending practices, the Consumer Federation of America is also expressing concern that the requirements would not take effect for more than a year and a half.

CFA is calling on Congress to provide additional consumer protections to rein in abuses not addressed by the regulators.

"Federal regulators have taken an important first step to stop credit card companies from using hidden traps and tricks to drive up the amount of debt consumers owe," said Travis B. Plunkett, legislative director of the Consumer Federation of America. "However, it is not helpful to consumers struggling to pay off hefty debts in the middle of a recession, to give credit card companies the green light to continue to mislead and overcharge consumers for another year and a half."

Congress is considering a number of reforms that would address practices not targeted by these proposed rules:

• Aggressive lending to young consumers. Requiring credit card companies to consider the ability of consumers under the age of 21 to repay the loans they are offered and allowing them to affirmatively choose whether to receive credit card solicitations.

• Excessive and growing penalty fees. Requiring that penalty fees be reasonably related to the costs that credit card issuers incur because of a late or over-limit transgression.

• Outrageous interest rate hikes. Limiting "penalty" interest rate increases to 7 percent above the previous rate if the consumer fails, for instance, to make a payment on time, or requiring that penalty rate increases can only be imposed on future purchases.

• Repeat over-limit fees. Allowing over-limit fees to be charged only once, unless additional charges increase balances above the account limit.

• Fees for paying a bill. Prohibiting card issuers from charging a fee to consumers who pay a bill by telephone, on the Internet, or by mail.

• Unilateral changes in terms. Prohibiting card issuers from altering credit card agreements while they are in force without specific written consent from the cardholder.

"We urge Congress to provide consumers with immediate relief from abusive credit card practices, including unfair tactics not addressed in these rules," said Plunkett.

The group Demos echoed many of CFA's concerns, calling the 18 month delay before implementation "the one great misstep" in the regulators' decision.

"The rule wouldn't take effect until up to 18 months from now, which is 18 months too long, especially while we're in the middle of the greatest fiscal crisis in generations," said Amara Draut, Vice President of Policy and Programs at Demos.

Draut said the credit card market currently lacks any sensible regulation that provides for even basic consumer protection.

"Banks are just trying to balance their losses from shoddy subprime lending on the backs of their credit card customers," she said. "American families need these protections now, and we call on Congress to move swiftly to codify the provisions of the rule and implement them as soon as reasonably possible."