POLITICS
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| Congress: Speed Up New Credit Card Rules |
WASHINGTON, Nov. 4, 2009
The House has voted to impose tough new rules for credit card companies unless lenders agree to freeze interest rates and fees.
The bill, approved 331-92, would accelerate the February enactment date of legislation already passed by Congress that limits when and how banks can charge credit card customers.
The bill would become effective when President Barack Obama signs it, but prospects of Senate passage are dim.
Read more on the "credit card loophole" from the "CBS Evening News"
Related: Card customers' online revolt
Last month, Rep. Barney Frank, who is working on Wall Street reforms, essentially warned banks to stop exploiting the time period before the new credit card rules' enactment to jack up rates on customers.
Last spring, Frank helped push a bill through Congress that imposes strict new rules on lenders, including a limitation on when and how banks hike rates. Most of the rules will take effect in mid-February, a date set by Congress to give banks time to prepare for the changes.
The bill, approved 331-92, would accelerate the February enactment date of legislation already passed by Congress that limits when and how banks can charge credit card customers.
The bill would become effective when President Barack Obama signs it, but prospects of Senate passage are dim.
Read more on the "credit card loophole" from the "CBS Evening News"
Related: Card customers' online revolt
Last month, Rep. Barney Frank, who is working on Wall Street reforms, essentially warned banks to stop exploiting the time period before the new credit card rules' enactment to jack up rates on customers.
Last spring, Frank helped push a bill through Congress that imposes strict new rules on lenders, including a limitation on when and how banks hike rates. Most of the rules will take effect in mid-February, a date set by Congress to give banks time to prepare for the changes.
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