House panel OKs legislation to speed up date for credit card rule

[PinkOwl]

Source: Market Watch

WASHINGTON (MarketWatch) - A key House panel on Thursday approved legislation to accelerate the implementation of new laws to crack down on abusive practices by credit card companies to December 1, but agreed to exempt smaller credit card issuers from the new deadline.

The House Financial Services Committee voted to move up the effective date of recently approved restrictions on credit card companies from the current February, 2010, deadline of the law. The credit card law limits the ability of banks to hike interest rates and bans deceptive practices. The bill was approved based on a voice vote.

"Our consumers really are being crushed in this economy," said Rep. Carolyn Maloney, D-N.Y. "If card companies continue to impose interest rate increases on consumers' retroactively then we must expedite the reform legislation."

However, lawmakers approved a provision introduced by Rep. Brad Sherman, D-Calif., to allow smaller companies with fewer than 2 million cards in circulation to stick to the original February deadline.

Read more: http://www.marketwatch.com/story/house-panel-oks-expedited-date-for-credit-cards-2009-10-22

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Good.

[tomm2thumbs]

1. no doubt reason for all their cancellations? keeping the money making credit revolvers

while dumping the pay-as-you-go folks who mind their bills carefully