“This is a victory for every American consumer who has ever suffered at the hands of a credit card company,” said Sen. Christopher Dodd, D-Conn., chairman of the Banking Committee. The bill passed the Senate 90-5. [MSNBC]
It will rein in credit card rate increases and excessive fees by banks.
The House expected to pass their version by tomorrow and President Obama will sign it into law before the end of this month.
Lenders will have to post their credit card agreements on the Internet and let customers pay their bills online or by phone without an added fee. They’ll also have to give consumers a chance to spare themselves from over-the-limit fees and provide 45 days notice and an explanation before interest rates are increased.
The banks still continue to defend their opposition. Voting against the Senate measure were GOP Sens. Lamar Alexander of Tennessee, Robert Bennett of Utah, Jon Kyl of Arizona and John Thune of South Dakota, as well as Democratic Sen. Tim Johnson of South Dakota.
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