The U.S. House recently passed the so-called credit card bill of rights, which will prohibit some deceptive and unfair credit card practices. The U.S. Senate is debating a similar bill this week. The Obama administration has strongly supported both bills, and has requested that Congress have a bill ready for his signature by Memorial Day.
Meanwhile, the Wall Street Journal reports that credit card companies are lobbying against further changes, saying regulations approved by the Federal Reserve in December will transform industry practices. Predictably, industry officials say a quicker implementation or different rules could force lenders to cut off some consumers entirely when they need credit the most.
Finally, the Colbert Report weighed in on this debate over credit card regulations.
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