In new Fed rules announced today, financial institutions are prohibited from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.

A quarterly survey of banks by the Fed found that card issuers will likely increase rates, reduce credit limits and hike annual fees in response to the credit card reform laws. They will take these actions for both prime borrowers — those with above average credit histories – and the higher-risk borrowers with poor or tainted credit, the Fed said.

On the same day that a 10.2 percent unemployment rate made headlines, here’s another bit of sobering news: Consumer credit fell in September for the eighth straight month. It is the longest, consecutive decline since the Federal Reserve started keeping records of consumer borrowing in 1943. The unemployment rate hit the highest level since 1983.