Credit unions and other credit card issuers will have tighter restrictions on their ability to raise interest rates and the requirements for sending out bills as a result of a bill approved by the House today in a 361-64 vote.
This follows a 90-5 vote in the Senate yesterday, and it now goes to President Obama, who has strongly supported the measure, for signing.
Credit unions dodged a bullet in the bill because it did not include a provision to regulate interchange fees-a key source of revenue for credit card issuers-but instead authorized a study of the issue.
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