BofA Pledges to Keep Credit Card Fees in Check Until...

Bank of America Vows to Maintain Credit-Card Rates Ahead of Law



By Peter Eichenbaum and Alison Vekshin



Oct. 6 (Bloomberg) -- Bank of America Corp., the biggest U.S. bank, vowed to keep consumer credit-card fees and interest rates unchanged until federal regulations take effect next year.



The bank offered the pledge in a letter to House Financial Services Committee Chairman Barney Frank, who called a hearing Oct. 8 on legislation that would move up the effective date for the Credit Card Accountability Responsibility and Disclosure Act. Frank, a Massachusetts Democrat, proposed that provisions, including a requirement that lenders apply payments to higher- rate balances first, take effect Dec. 1 rather than in February.



Continue Reading at Bloomberg