House Sends Credit Card Reform Bill To Obama

Law360, New York (May 20, 2009, 12:00 AM EDT) -- Just a day after the U.S. Senate passed sweeping reforms to the credit card industry, the U.S. House of Representatives on Wednesday passed a bill that would stop credit card companies from raising customers' interest rates without notice and assessing fees that consumer advocacy groups contend cripple credit card holders.

The 361-64 vote in favor of the Credit Card Holders Bill of Rights awaits President Obama's signature before becoming law, and the president has said that he intends to sign the legislation before the Memorial Day...
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