Just picked this up from David Lazarus, Consumer Confidential column in the LA Times online...
Seems that the House approved HR 5244, which, according to Lazarus,
would, among other things, end card issuers' self-proclaimed right to change interest rates at any time. Instead, a 45-day notice would be required for any increase.
It also would give cardholders more time to pay by requiring issuers to mail bills at least 25 days before the due date, as opposed to the current 14 days.
The banks love the bailout bill at taxpayer expense, but it seems like they don't want to spread any of the love back to us...It also helps explain why JP Morgan Chase did not blink at buying WaMu's retail banking and credit card assets...
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