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Article: House votes to move up tougher credit card rules.(BUSINESS)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 The Washington Times LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sean Lengell, THE WASHINGTON TIMES
The House passed a bill Wednesday to move up tough new rules for credit card lenders, lashing out at an industry that has been raising interest rates and fees at a furious pace since the rules were passed in May.
But the proposed new deadline faces a tough challenge in the Senate, where lawmakers worry that it would place an unreasonable burden on lenders.
Congress' sweeping credit card reform legislation significantly limited the industry's powers by curbing the ability of lenders to increase credit card interest rates and impose fees and penalties on consumers.
Some lenders have been ...