An earlier version of Maloney's bill passed the House last
September, but failed to get out of committee in the Senate. The
Schumer/Udall Senate version now goes up against the Credit Card
Accountability, Responsibility and Disclosure Act, an even stronger
bill sponsored by Senator Chris Dodd, D-Conn., head of the Senate
Banking Committee. The Dodd bill would prohibit all retroactive rate
increases, regardless of whether cardholders were late with payments,
as well as limit what kinds of fees banks may charge their credit card
customers.
Credit card companies are expected to oppose the bill. The
American Bankers Association, which represents several major credit
card companies, says that a 90-day implementation would be too onerous
for banks to put into effect.
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