As we’ve had beaten into our heads, President Obama met with executives from the largest credit card companies this afternoon, urging cooperation on a number of consumer-friendly reforms that Democrats hope to enact this year (even if they don’t go into effect for 14 months more).
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Wasting no time, the House Financial Services Committee is scheduled to mark up its credit card reform bill next Wednesday, according to a Democratic aide. Sponsored by Rep. Carolyn Maloney (D-N.Y.), the bill includes a slew of new consumer protections, giving card users longer notice of imminent rate increases More…
The Senate Banking Committee today approved legislation forcing banks to make credit cards more consumer friendly, but don’t mistake this for a strictly partisan issue. While it’s true that most Democrats support the legislation and most Republicans oppose it (the panel vote was 12-11), there are regional nuances in this More…
Newly-minted Sen. Mark Udall (D-Col.), has scheduled a press call this afternoon to announce his plans to introduce legislation to end the abusive practices of credit card issuers. This isn’t enormous news — as a member of the House, Udall had strongly supported the lower chamber’s version of the More…
Just off the phone with Travis Plunkett, the legislative director of the Consumer Federation of America, who points out an important advantage that the recent elections have lent to supporters of credit card reform legislation: The larger Democratic majority in the Senate next year means that the More…
Dissatisfied with the timing and sweep of new federal rules designed to protect credit card users from the banks that bill them, some well-placed Democrats are vowing to push stronger, more immediate reforms next year. With the banking industry already reeling from the economic downturn, however, the opposition to such More…
After months of proposals, arguments, hearings and public comments, federal regulators today approved new rules to make credit cards more consumer friendly. The changes will prevent card companies from hiking interest rates on existing balances and grant card users a longer window to pay their bills. The new More…
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