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"We want to preserve the credit card market but we also want to do so in a way that eliminates some of the abuses and some of the problems that a lot of people are familiar with," Obama told reporters after a White House meeting with 13 executives from top banks and companies that issue the cards.
Banks say the tighter rules for card issuers would hurt fee income when they are trying to climb out of a financial hole created by the collapse of the housing boom.
I applaud Obama on this one even though I feel he should have acted more quickly. Americans are getting milked in fees by some of the same companies that are receiving government aid. Double dipping seems to be the game of the day.
Originally posted by Divinorumus
Get up off your knees people and flip these credit companies the bird and tell them no thanks, go suck an egg!
* Protect consumers from unexpected interest charges, including increases in the rate during the first year after account opening and increases in the rate charged on pre-existing credit card balances.
* Forbid banks from imposing interest charges using the "two-cycle" billing method.
* Require that consumers receive a reasonable amount of time to make their credit card payments.
* Prohibit the use of payment allocation methods that unfairly maximize interest charges.
* Address subprime credit cards by limiting the fees that reduce the amount of available credit.
The Board is also adopting final rules to revise the disclosures consumers receive in connection with credit card accounts and other revolving credit plans to ensure that information is provided in a timely manner and in a form that is readily understandable. These rules amend Regulation Z (Truth in Lending) and conclude a comprehensive review of the open-end credit rules. The final rules under Regulation Z require changes to the format, timing, and content requirements for credit card applications and solicitations and for the disclosures that consumers receive throughout the life of an open-end account. Many of the changes reflect the result of consumer testing conducted on behalf of the Board during its review.
On Thursday, Sen. Chris Dodd, D-Conn., chairman of the Banking Committee, and another panel member, Sen. Chuck Schumer, D-N.Y., wrote a letter asking the Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration to enforce those rules immediately.