May 05 2008
Re-regulating the Credit Card Industry
GUEST: Caleb Gibson, Advocacy and Legislative Coordinator with Demos, a non-partisan public policy research and advocacy organization
The Federal Reserve alongside other regulators approved a proposal introducing limitations last Friday on what they deem “unfair and deceptive,” credit card practices. The new rules attempt to prohibit companies from double-cycle billing, imposing unreasonable payment deadlines, and increasing annual percentage rates on outstanding balances. If passed, the changes would be the most significant since the deregulation of the credit card industry decades ago under the Reagan administration. Several lawmakers have welcomed the changes but caution that they may not go far enough. Meanwhile, Senator Chris Dodd has introduced a new bill to protect consumers from predatory credit card practices, while the House Financial Services Committee has taken action on a proposed Credit Cardholders’ Bill of Rights. The proposed reforms from both the Fed and Congress come at a time when households are feeling the twin pinch of rising gas and food prices. Credit card debt in this country continues to rise at 8.2 percent totaling a record 951.7 billion dollars according to the latest figures.
Find out more about Demos’ information on credit card debt here: http://www.demos.org/page38.cfm
25 Responses to “Re-regulating the Credit Card Industry”
I think this is an incredibly important issue – for normal consumers and for small businesses alike. I’ve done some work with unfaircreditcardfees.com and this legislation is sorely needed. Interchange fees, variable interest rates, and other hidden and unfair practices of credit card companies have been going on for too long without average Americans able to keep up with the greedy credit card industry.
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