Is Interchange Next? Credit Card Reform Passes Senate
Analyst Blog: Credit Card Reform Passes Senate
By: Eric Rothmann
May 20, 2009 | Zacks.com
On Tuesday May 19, 2009, the Senate overwhelmingly voted to curtail credit card rate increases and excessive fees, in an attempt to give consumers (i.e. voting constituents) some latitude amid the current recession. It appears all that is needed is to have the executive branch sign off on it.
If enacted into law, the players in the credit card industry -- such as, but not limited to, Visa (V), MasterCard (MA), American Express (AXP) and Capital One (COF) -- would have less than a year to make changes. These changes would include card lenders having to post their credit card agreements on the Internet, and permit all customers the ability pay their bills online or by phone without an added fee, rationalize over-the-limit fees and provide 45 days notice and an explanation before interest rates are increased.
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