House Passes Beefed Up Credit Card Reform Bill
To the surprise of no one, the House approved sweeping reforms to the credit card industry Thursday, including provisions banning retroactive rate increases,
Jul 31, 202028.8K Shares996.5K Views
To the surprise of no one, the House approved sweeping reforms to the credit card industry Thursday, including provisions banning retroactive rate increases, warning card owners 45 days in advance of rate increases and giving consumers more time to pay their bills.
The vote was 357 to 70. Several consumer-friendly amendments were added during floor debate, including provisions installing a six-month minimum window on teaser rates — which entice customers to get cards, but can jump quickly without warning — and requiring card holders to opt-in to overdraft programs before companies could charge fees for going over established credit limits.
The Senate next week will take up a similar bill, though it’s likely to be diluted in order to pass the upper chamber.
Paula M. Graham
Reviewer
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