US Rep Frank Inclined To Push Up Credit Card Law Effective Date

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A key U.S. House Democrat said he favors moving up the effective date of a landmark credit card law due to take effect in February 2010.

"I am inclined to push that up," House Financial Services Chairman Barney Frank, D-Mass., said during a hearing of his panel on expanding the Community Reinvestment Act, a banking law.

Credit card issuers have been reacting to the weak economy and the coming regulatory changes by hiking minimum payments on borrowers, yanking back credit lines and canceling cards in recent months.

Some provisions of the law, which was passed in May, have already taken effect, such as a requirement that issuers give consumers 45 days' notice before raising their interest rate or making other significant changes to a credit card plan's terms.

Frank made the comment almost as an aside while giving a monologue rejecting Republican claims that the Community Reinvestment Act helped to cause the financial crisis.


Source:

http://online.wsj.com/article/BT-CO-...16-709950.html