Posts Tagged ‘HR 5244’
Banks Balking at Consumer Credit Protection Changes
Posted by admin | Filed under Credit Cards, Reduce Debt
Read a great article in The LA Times about the proposed new bill, HR 5244. The banks even though they’re thrilled to being bailed out of the mess there in to the tune of 700 BILLION dollars, are against the very same taxpayers getting any relief in the form fairer laws. Currently credit card bills must be received with at least fourteen days left before the due date. The proposed legislation would extend that to 25 days.
The Universal Default Limit, where if you’re late on one bill other credit card companies can raise their fees is also being challenged. Banks would now also be required to give you a 45 day notice before raising interest rates. Of course the banks are against that as well.
The Bill has passed in the House of Representatives handily but it appears it may have trouble in the Senate. The Bush administration is opposed to the legislation.