Senate Passes Credit Card Bill, Doesn't Include Interchange

[bizman]

The U.S. Senate voted 90-5 to approve its version of the Credit Card Bill of Rights, making it likely the measure will quickly reach the White House for President Obama's signature.

Thanks in part to a grassroots effort by ETA members and the Electronic Payments Coalition, the Senate bill does not include any language directly affecting the interchange system.

The measure makes a number of changes in the way credit card issuers must deal with cardholders, including new rules regard when and how card rates can be changed, timing of statements to cardholders and notification practices. Some of the rules already had been adopted by the Federal Reserve Bank, but would not have gone into effect until mid-2010. Others are more restrictive than the Fed's rules.

The bill now goes back to the House, where according to the Associated Press, it could come up for a vote May 20 and be sent to the White House by week's end.

[Mockingbird]

Good Glad to see this, wish they would make it happen sooner. The credit card industry has gone insane in the U.S. One nice thing is I no longer get all the junk mail I used to

[mediafreak]

The credit card company will lose a large source of revenue from their fees and the end to “double cycle billing”. This is due in part to the ease at which the companies were able to implement these fees in the past.
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It is my passion to provide free tax tips.

[wildy]

I think it is already over time for credit card companies. They have billed enough money for their services.

As I have a European credit card too, I knwow that these regulations are depending on country laws and in Europe they have these laws already which the Senate is debating about.