It is past due time for legislation to be enacted cracking down on “abusive practices” by credit card companies is long overdue, say Sen. Sherrod Brown and Ohio Atttorney General Richard Cordray.
The Ohio Democrats held a conference call with reporters today promoting the need for the Senate to pass the Credit Card Accountability Responsibility and Disclosure Act. The House has approved a similar measure.
Although the Federal Reserve is weighing new rules to prevent credit card companies from doing things such as suddenly hiking interest rates and require more clear disclosures from credit card companies about their fees and penalties and rates, federal regulation isn’t adequate, Brown and Cordray said. Congress needs to pass a law that can’t be changed by future administrations and federal reserve heads, they asserted.
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