According to the Wall Street Journal, Sen. Christopher Dodd, who heads the Senate Banking Committee, introduced a measure that would freeze rates on existing card balances until February, when the new CARD Act rules are to go into effect. "No sooner had it been signed into law, but credit card companies were looking for ways to get around the protections," Mr. Dodd said in a written statement.
Dodd's move is part of an effort by leading Democrats to crack down on what they see as gaming of the new rules by card issuers. Reps. Barney Frank (D., Mass.) and Carolyn Maloney (D., N.Y.) have introduced House legislation that would move up the effective date of the new restrictions to December from February. As I wrote in a recent blog, the House Financial Services Committee has approved the accelerated date.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment