Senate Passes Bill Reforming Credit Card Practices

Law360, New York (May 19, 2009, 12:00 AM EDT) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.