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A Congressional panel is expected to approve legislation…that would curb high credit card fees and penalties assessed by many banks that have benefited from the federal government’s financial bailout program.
The pro-consumer bill, which would mean sweeping changes for banks that issue cards, is an important test of the political will of Democrats who are pushing for U.S. financial regulation reform…
“It’s a new era in Washington,” said Rep. Carolyn Maloney, a New York Democrat and chief sponsor of the House bill. “It’s taken three years of hard work, but I’m delighted that we’re on the brink of real protections for consumers.”
Her proposed legislation would halt credit cards from imposing arbitrary rate increases and penalties and certain billing practices on balances with different rates. It is expected to win approval by the committee, and later by the full House.
But it remains unclear whether Democrats in the Senate can muster the 60 votes needed in that chamber to advance controversial legislation amid stiff opposition from the banking industry. The Senate’s version of a credit card reform bill includes tougher language…
U.S. lawmakers have expressed anger that the same banks such as Bank of America, Citi and Chase with big credit card operations, charge excessive interest rates and fees while getting U.S. government bailout from the taxpayers who use these credit cards.
There was a time in this land when usury was illegal. States had laws generally prohibiting interest rates higher than 18%. Now, between payday loan sharks and the greediest banks on Earth, interest rates that blow through that old ceiling – are the rule. This bill could begin a turnaround.
Keep an eye on the vote in Congress on this one – and you’ll see who is owned by the banks.
This post is dedicated to the mentally challenged on this site who believe that the Repubs can stop ANYTHING with a filibuster.
“By a 227-196 vote, the House affirmed Democrats’ plans to move health care legislation under rules that block Republicans in the Senate from being able to slow progress of the legislation — or even stop it, through a filibuster.”
The short buses are now lined up and waiting for those who need to take a trip to see the Wizard, to beg for a brain…
I don’t like knocking a single party, but Republicans have walked so far down the flathead shit for brain thinking path they are going to be in trouble for a generation.
There have been usury laws in the states since the 1800s. Nothing new there.
But the banking deregulation of 1994 unlocked the system, leading to the current abuse. Banks were no longer bound by state laws, only the state they are chartered in.
Now if someone goes to fix it, Republicans start saying “nanny state” like they are totally ignorant of history, the past or the future.
That simpleton and ignorant and frankly uneducated way of thinking is doom for the Republican party.
I can’t wait for Republicans to say “Let’s stop checking beef” or “Let’s stop checking the water quality”.
In the mid-1990s, the Republicans were the intelligent and logical party and the Democrats were the idiots with terrible ideas and ridiculous logic.
Today, the Republican party embraces flathead simpleton thinking and terrible ideas.
The banking deregulation was the worst concept since the break up of Ma Bell. Small banks still work to provide “customer service” but, the large monster banks are all about fees, more fees, fancy accounting, and how to trap customers. That’s why CheckX came to be…a company that rates how you are as a customer, and if a bank deems you “unworthy” to have a bank account (due to bounced checks, or other evolving criteria) you can be prohibited from having an account ANYWHERE.
The joke of it is, BofA**wipes made this a way to control customers. They will welcome back anyone who had an account, was placed on CheckX by them — just pay them the outstanding fees you owe them. Doesn’t matter that the fees are insane, or unjust. They have the customer service creed of the mob. Just pay. Thank you.
Our “credit reporting bureaus” are corrupt, and the use of them by employers should be illegal. How can it be that bankruptcy could never be used against you by law (for employment, etc.) but a low credit score can make you unworthy for a job. Not just that, but an average credit score can also keep you from getting a job you are qualified for.
The credit reporting bureaus and their score keeping is insanity. It’s not transparent. They don’t “answer phones”. It’s a career to fix mistakes of THEIRS. And, the three are not independent. It’s a mass web of interconnection and confusion. Have missed payments on one credit card (lets say it was misrouted by our sterling USPS, or you moved and their department didn’t pickup the changed address on the envelope for several months, or have an ongoing merchant dispute that you withhold payment for) that can trigger a shark feeding frenzy of raised interest fees on any other credit cards you have. Insanity. Rampant Greed.
The credit reform acts have been bouncing around for a few years (2007 was an excellent bill — it was killed).
We need consumer protection. We need controls on the greed and insanity. ALL the consumer protection laws that used to exist were gutted in the 90’s by small riders on conglomerate “small” bills (it’s hard to vote NO on bills that are promoted as helping our children or saving puppies and kittens from being brutally slaughtered by pitbulls, etc..so no one notices the little riders that do massive damage to the citizen’s of America’s consumer protection). Then there are the sweeping “reform” bills (that are too wordy and dense for any reasonable person to plow though, much less the morons we elect to represent us).
Go read some bills…http://www.gpoaccess.gov/bills/index.html
As for the wingnuts on this board who like to simplify the world “if you don’t like credit cards don’t get them”. Sure. Okay. I’ll agree. I got rid of all but one credit card years ago, and I chose the “pay off entire balance monthly” one. I don’t use a debit card. I don’t use checks. I don’t even use Paypal. It’s hard as hell to manage. My credit score dropped with each credit card paid off! You’d think that I’ve shown the ability to pay back debt..but that is exactly the opposite of what “credit score” is about. You get patted on the head if you can keep a huge debt load and still keep paying.
I don’t see this as demo-publican, simply greed, and more greed, and more greed…and a whole lot of “let them eat cake”.
#63,
If you don’t like living in a society,
I love living in a society. However, I like living in a society where everybody is treated equally, not where everybody is forced to be equal.
Big difference.
We refer to ourselves as “civilized”
You are correct to a certain point. You are not working together, however. Working together should be represented by treating each other as equals.
Most people like you consider “civilized” to mean sacrificing some for the good of others. That’s not civilization, that’s tyranny. That’s what cavemen do.
We do it because we don’t abandon each other in times of need, quite unlike the Liebertarians[sic] cult.
Yawn. You should really read up on what Libertarians really stand for if you truly believe that.
I donated over 500 hours of community service last year to a worthy cause. How many did you donate? Or do you believe that only the government can force someone to use their spare time in what they consider a worthy cause?
Last week I had some emergency surgery.
I’m sorry to hear that. Nothing serious, I hope?
So, are you still claiming that you own a small business?
Yep.
Which reminds me. You better get back to work before your boss finds you sitting in his chair typing on his computer.
BTW . . . You keep bringing this up. I think you’ll find most successful businessmen think like me. That’s why we work for ourselves and not someone else. We don’t like to depend on someone else for our livelihood.
And you don’t use a credit card or extend credit to your customers? Ya, right.
I never said I didn’t use them (I have one). I just don’t abuse them. I pay them off each month. AFA extending credit to my customers, we do Net 30, no more. After that, finance charges at Prime + 3%.
I practice what I preach.
everything you preach? Wow…that’s going to be a strange life.
#68, Loser,
Most people like you consider “civilized” to mean sacrificing some for the good of others. That’s not civilization, that’s tyranny. That’s what cavemen do.
Say what? If I help someone else, be it a donation to some charitable campaign, helping coach a kid’s sports team, not throwing trash out my car window, or letting another driver in, that is tyranny? You see, this is the problem with Liebertarians. If a Liebertarian gains personally, it is OK, but if it is for the good of society, it is tyranny. “I got mine Jack, eff you”.
If you don’t want to live in a civilized society, don’t let the door hit your butt.
I donated over 500 hours of community service last year to a worthy cause.
Most people don’t consider masturbating to be a worthy cause. Your mileage may vary.
We do it because we don’t abandon each other in times of need, quite unlike the Liebertarians[sic] cult.
Yawn. You should really read up on what Libertarians really stand for if you truly believe that.
My father fought in WWII. His actions, along with millions of others helped keep this country safe. After the war he and those millions of others helped to build our country. Whether it was the physical erection of buildings, laying the paved roads, refining the steel, or building cars, tractors, and TVs, they built this country into the power it was in 2000. The Liebertarian politics is that these people, these men and women, should be responsible for their own lives now. We owe them nothing.
And the Liebertarians couldn’t be more wrong.
Last week I had some emergency surgery.
I’m sorry to hear that.
Of course you are. The hospital was built with community funds. The medical staff were all licensed by the State. The drugs were regulated. The whole procedure was regulated by several government regulations, even the training of the ambulance crew. Yup, I knew you just hated that word, regulation.
Of course, you wouldn’t have any problems with “Penny Doctors” or “Barber Surgeons” doing the operation.
#70, You need to accept the fact that you really don’t have a clue what Libertarianism is.
Say what? If I help someone else, be it a donation to some charitable campaign, helping coach a kid’s sports team, not throwing trash out my car window, or letting another driver in, that is tyranny?
This is ALL personal volunteerism, which fits perfectly into Libertarianism.
Forcing someone to help is something completely different — which you do when you support the bailouts or any law that removes the personal responsibility from anyone to take care of themselves.
You see, this is the problem with Liebertarians. If a Liebertarian gains personally, it is OK, but if it is for the good of society, it is tyranny. “I got mine Jack, eff you”.
Have I ever said that? Have I ever implied that? You are ruled by fear. You think that because YOU feel that the only way to get ahead is to screw someone else over, that is what everyone else feels.
You are wrong.
If you don’t want to live in a civilized society, don’t let the door hit your butt.
Actually, China has openings for people just like you. I just got back. Your ideas on social order are right up their ally.
I donated over 500 hours of community service last year to a worthy cause.
Most people don’t consider masturbating to be a worthy cause. Your mileage may vary.
How mature of you. You do realize that snide comments during an adult conversation is a sign of fear and insecurity, right?
Here we go again. First liberals regulate the banks that they are lending too much. Then after the credit card companies cut back, they’ll complain that minorities are having trouble getting credit, so they’ll pressure them to ‘stop discriminating’, so now we have more risky loans, etc etc.
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