Tuesday, May 19, 2009

Senate Passes Bill on Credit Card Reform

By a 90-5 vote, the U.S. Senate today passed a bill, H.R. 627, that would put new restrictions on credit card companies, limit interest rate increases, prevent high "over limit" fees, and ban the practice of "universal default." A similar bill was passed by the House of Representatives earlier in May, and a reconciled version of the two pieces of legislation may be presented to President Obama for his signature by the end of the week. You can read the Senate roll call here.

To read a press release about the bill, see this piece on the website of the Senate Committee on Housing, Banking, and Urban Affairs. You can read a news article on the legislation in the Los Angeles Times.

For additional government resources about banks and credit unions, see our guide.

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