The Credit CARD Act just passed in the Senate on a 90-5 vote. It is expected that the House will revisit the bill as early as tomorrow.
The Senate passed legislation Tuesday designed to protect consumers from
arbitrary increases in credit card interest rates and fees, moving a big step
closer to meeting President Obama's Memorial Day target for the enactment of the
legislation.
Here is an article that just came out in the Congressional Quarterly detailing the vote and the Senate's legislation - Senate Passes Bill Tightening Credit Card Regulations.
Work in the credit card industry?
See earlier blog:
60 MINUTES is working on a story about the credit card industry and is interested in talking with current and former credit risk managers with first-hand knowledge of behavioral targeting, risk modeling, predictive analytics, assessing and flagging card holders as high risk for default. The conversation can be confidential. MORE
Here is an article that just came out in the Congressional Quarterly detailing the vote and the Senate's legislation - Senate Passes Bill Tightening Credit Card Regulations.
Work in the credit card industry?
See earlier blog:
60 MINUTES is working on a story about the credit card industry and is interested in talking with current and former credit risk managers with first-hand knowledge of behavioral targeting, risk modeling, predictive analytics, assessing and flagging card holders as high risk for default. The conversation can be confidential. MORE
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Credit companies shouldn't be allowed to charge more than a reasonalble amount of interest. My credit union and small banks will have my business now. The gigantic credit card companies who have had it there way for so long should be ashamed of themselves. We gave them help when they needed it and where are they when we need them to work with us? If our elected officials don't put them in their place then shame on them to.