Summary of Senate hearing on credit cards
February 13, 2009 | alternatives, industry | Comments (0)From the Associated Press:
Among the industry practices blasted at the Senate Banking Committee’s hearing was the piling on of hidden fees on consumers. Fees can be incurred for telephone payments, balance transfers, replacing lost cards and cash advances. Card issuers can also hike interest rates for a variety of reasons.
“The list of questionable actions credit card companies are engaged in is lengthy and disturbing,” said Sen. Chris Dodd, D-Conn., chair of the banking committee.
Any new regulations would be in addition to a sweeping clampdown on the industry already adopted by the Federal Reserve late last year. Those rules, which take effect in July 2010, shield consumers from arbitrary interest rate hikes and inadequate time to pay bills.
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