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rmp yellow Donating Member (136 posts) Send PM | Profile | Ignore Thu Oct-08-09 07:47 PM
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Rep. Barney Frank warns credit card firms
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Source: Chicago Tribune

October 9, 2009

Rep. Barney Frank sounded a warning shot to big banks: Behave, or Congress will make your life more difficult.

Last spring, Frank helped push a bill through Congress that imposes new rules on lenders, including a limitation on when and how banks can raise rates. Most of the rules will take effect in mid-February.

But the Massachusetts Democrat, who chairs the House Financial Services Committee, said at a hearing Thursday that lenders have abused the grace period by using the time to increase rates ahead of the new rules. He has introduced legislation that would move up the enactment date to Dec. 1.

"It is very clear that this is the kind of protection that shouldn't wait and we should move forward," Frank said about the new credit card rules.

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  -Rep. Barney Frank warns credit card firms rmp yellow  Oct-08-09 07:47 PM   #0 
  - And they didn't think they would raise rates in the grace period?  aquart   Oct-08-09 07:48 PM   #1 
  - Who could possibly have foreseen something like THAT?  No Elephants   Oct-09-09 06:56 AM   #18 
  - Is he acting surprised, or just indignant? nt  Robb   Oct-08-09 07:49 PM   #2 
  - GE just informed me today that their base rate is going to 19.99%  Ruby the Liberal   Oct-08-09 07:50 PM   #3 
  - Citi jacked my card from 18.99% to 29.99%  MessiahRp   Oct-08-09 09:05 PM   #10 
     - They did the same to a friend of mine and she also closed her account  Lorien   Oct-09-09 07:08 AM   #20 
     - same here .... 18.99 will go to 25.99, or i can close the account  Scout   Oct-09-09 01:33 PM   #24 
  - And this surprises him?  Cass   Oct-08-09 07:50 PM   #4 
  - And one of my banks responded by moving up their date for increasing credit card rates. . .  Journeyman   Oct-08-09 07:51 PM   #5 
  - Barney, quit acting shocked, you knew this would happen  DJ13   Oct-08-09 07:56 PM   #6 
  - Warning....cough up the re-election cash or you've had it!  pokercat999   Oct-08-09 08:00 PM   #7 
  - +1 nt  phasma ex machina   Oct-08-09 09:38 PM   #12 
  - Why are there so many posters here who bash Barney Frank and  robo50   Oct-08-09 08:07 PM   #8 
  - No, read the OP. He gave them PLENTY of time for several increases.  No Elephants   Oct-09-09 07:02 AM   #19 
  - Frank can always threaten to let Walmart get into the banking business like it wanted to years ago  tomm2thumbs   Oct-08-09 08:33 PM   #9 
  - +1 nt  phasma ex machina   Oct-08-09 09:39 PM   #13 
  - hmmm... never heard that one, how interesting...  Piewhacket   Oct-09-09 06:42 AM   #17 
  - BFD! I'm sure they're quaking in their Guccis. How about a rate cap? n/t  change_notfinetuning   Oct-08-09 09:37 PM   #11 
  - +1 n/t  Lugnut   Oct-08-09 10:56 PM   #16 
  - staged. he knew they would play games. he had this in mind all along.  Piewhacket   Oct-08-09 10:07 PM   #14 
  - I agree.  surrealAmerican   Oct-09-09 11:07 AM   #21 
  - I think you're on to something. n/t  MaineDem   Oct-09-09 01:08 PM   #23 
  - "I am shocked, shocked, to find that gambling is going on here." nt  bemildred   Oct-08-09 10:10 PM   #15 
  - c'mon barney -- stop yankin our fuckin chain --  xchrom   Oct-09-09 12:59 PM   #22 
  - How about a retroactive enactment date?  Love Bug   Oct-09-09 02:02 PM   #25 
  - Ooooooh....I bet they're scared. (not) nt  Honeycombe8   Oct-09-09 02:12 PM   #26 
  - k  defendandprotect   Oct-10-09 12:26 AM   #27 

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