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Wednesday, November 04, 2009
House Accelerates Credit Card Rules
By Ronald D. Orol
MarketWatch Pulse
WASHINGTON - The House on Wednesday approved legislation to accelerate the implementation of new laws to crack down on abusive practices by credit card companies to December 1. The legislation exempts smaller credit card issuers from the new deadline. The House voted 331-92 to move up the effective date of recently approved restrictions on credit card companies from the current February, 2010, deadline of the law. The credit card law limits the ability of banks to hike interest rates and bans deceptive practices.
Copyright © 2009 MarketWatch, Inc.
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