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Rep. Barney Frank warns credit card firms [View All]

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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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