With a Senate debate and a presidential town hall meeting on the subject, proposed changes to the rules regarding credit cards will receive considerable attention this week.
The Senate is expected to consider legislation similar to a House-passed measure that would place restrictions on some of the charges that credit card issuers can levy. The provisions in the bill that CUNA and NAFCU are concerned about include limits on the amount of interest that can be charged; a ban on raising rates if a consumer is more than 30 days late on a bill; regulation of interchange fees; the creation of a Financial Products Safety Commission; and a provision mandating that gift cards be valid for at least five years and there be more transparency on fees.
Many of the other provisions are similar to regulations approved by the Federal Reserve and the NCUA, scheduled to take effect July 1, 2010.
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President Obama, who has said he would like to have a bill passed by Memorial Day, is scheduled to hold a town hall meeting on the subject in New Mexico on Thursday.
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