Law360, New York (May 19, 2009, 12:00 AM ET) -- The U.S. Senate on Tuesday passed a bill that would stop credit card companies from raising customers' interest rates without notice and assessing fees that consumer advocacy groups say cripple credit card holders.
The Credit Card Accountability, Responsibility and Reform Act, which passed with an overwhelming 90-5 bipartisan vote, is expected to get approval by the House of Representatives later this week. President Obama has publicly backed the legislation and is expected to sign the bill quickly.
"This is a victory for every American consumer who...
Senate Passes Bill Reforming Credit Card Practices
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