Hearing Announced to Expedite Credit Card Reforms
In April, we ran a piece about how some Democrats had bowed to the wishes of the banking industry and delayed their credit card reforms until next year, even as consumers have struggled to keep up amid the recession. Inevitably, the banks have used the delay by busily installing rate and fee hikes to beat the stricter rules to their launch date.
Now, some other Democrats want to expedite the same rules their colleagues delayed. Reps. Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.) have introduced legislation to bump up implementation date for most of those reforms from late February to December 1. The House Financial Services Committee, headed by Frank, has scheduled a hearing on the bill next Thursday.