Credit card customers are facing fewer interest rate hikes and forking over sharply less in late fees.

A year after new regulations curbed a spate of questionable billing practices, federal officials say over-the-limit penalty charges have also been dramatically curtailed. The findings were released by the newly created Consumer Financial Protection Bureau, which will administer the regulations once it's officially up and running this summer.

The agency focused only on the impact of specific regulations, however, and did not look at the full scope of costs customers pay for cards. For example, new credit card accounts are now more likely to come with annual fees and higher interest rates. That could offset the savings noted by the consumer watchdog. The regulations have also greatly reduced available credit for riskier customers, the American Bankers Association noted in a release.

Read more: Atlanta Journal Constitution