House Passes Credit Card Legislation
The House of Representatives passed H.R. 627, a credit card bill that would restrict the ability of card issuers to factor in risk when making credit decisions, as well as prohibit double cycle billing, require customer permission before charging an over-limit fee, mandate that payments be applied to the highest-rate balances first, and require promotional rates to be offered for at least six months. The Senate is expected to vote on its credit card bill (S. 414) this month.
Click here for the House Committee on Financial Services press release on the bill.