Senate Banking Committee Chairman Christopher Dodd urged NCUA Chairman Michael E. Fryzel and other regulators to enforce forthcoming rules on reviewing rate increases and warn card issuers that they'll be held accountable for recent rate hikes.
Dodd (D-Conn.) noted that the recently passed law overhauling credit card rules requires card issuers to review, at least once every six months, accounts on which the rate has been raised. This includes any rate increase imposed after Jan. 1 of this year.
"I ask you to immediately notify all credit card companies under your respective jurisdictions that they will be held accountable for all interest rate increases during this time period and will be subject to the review requirement once it takes effect," Dodd wrote on July 9.
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