Credit Card Reform
Witnesses testified on pending credit card legislation. The first bill, the Credit Card Interchange Fees Act would amend the Truth in Lendin… read more
Witnesses testified on pending credit card legislation. The first bill, the Credit Card Interchange Fees Act would amend the Truth in Lending Act by prohibiting specified electronic payment system network practices and allow more transparency and negotiation to take place on interchange fees, which are fees merchants must pay banks & credit card companies for credit card transactions. The second bill, the Expedited CARD Reform for Consumers Act would change the Credit Card Accountability, Responsibility, and Disclosure Act (CARD) by moving up its effective date because some credit card companies are now raising rates on the fees charged to customers ahead of new regulations going into effect. close
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