Congressional committee may crack down on credit card companies

Congressional committee may crack down on credit card companies
Tags: Debit / Credit, North America, Regulatory Issues, Transaction Processing
April 17, 2008

CNNMoney.com: Consumers, public interest groups and some federal regulators pushed lawmakers to enact sweeping changes to the credit card industry, aimed at remedying what they view as questionable practices of the credit card industry that keep consumers mired in debt. More than half of the 15 witnesses that testified before a panel of the House Financial Services committee endorsed a nine-point legislative plan unveiled earlier this year by Rep. Carolyn Maloney, D-N.Y., dubbed the Credit Cardholders' Bill of Rights.