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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:18 PM
Original message
US Rep Frank eyes earlier credit card rules start
Source: Reuters

WASHINGTON, Sept 16 (Reuters) - U.S. Representative Barney Frank may introduce a bill to advance the implementation date to Dec. 1 for new regulations limiting credit card interest rates and fees, a Frank aide told Reuters on Wednesday.
Now set to take full effect in February 2010, the regulations were approved by Congress and signed into law earlier this year by President Barack Obama.

"We are not happy about what we are hearing on what banks and credit card companies are doing in advance of the effective date," said Frank aide Steven Adamske.

Frank, a Democrat, "may be filing a bill soon ... We are looking at Dec. 1, 2009," he said.


Read more: http://www.reuters.com/article/etfNews/idUSWBT013160200...
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truebrit71 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:19 PM
Response to Original message
1. Yeah, because no-one thought they'd fuck us over in the interim, right Barney?
Edited on Wed Sep-16-09 03:20 PM by truebrit71
You know, being such honest and upfront corporate citizens that they are.. :eyes:
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sybylla Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:35 PM
Response to Reply #1
2. Yeah, give corporate whores an inch...
No body saw that coming.
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AndyA Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:42 PM
Response to Reply #1
3. That's exactly right. Is Congress really that stupid?
If so, they need to all resign and let us get some intelligent people in there.

The bill should have been retroactive back to the date of the start of the financial crisis. And by giving them notice now on a date change, they'll still have 90 days to implement increases in rates and minimum payments.

Thanks a lot, Congress. You're the best friends corporate America ever had, but you don't work for them, you work of US, and we're fed up. :eyes:
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atreides1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 03:50 PM
Response to Reply #3
4. Or closing accounts
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Plucketeer Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-16-09 04:53 PM
Response to Original message
5. Frank needs to walk out of his office
and proclaim: "Next Friday guys! That's when this stuff kicks in!"
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