CARD Act Drove Up Interest Rates, Bank Group Says

Law360, New York (February 19, 2013, 8:28 PM EST) -- A 2009 law aimed at ending predatory credit card practices has limited the amount of credit available to subprime borrowers and resulted in increased credit card interest rates while rates on other consumer financial products fell, a top banking industry group said Tuesday.

The American Bankers Association said in a letter to the Consumer Financial Protection Bureau that the Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act, had met some of its goals by decreasing late fees and charges for going over credit limits...
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