WASHINGTON – House leaders will introduce a bill today that will extend the deadline for compliance with the Credit Card Accountability, Responsibility and Disclosure Act to Dec. 1.
Introduction of the bill comes after a broad lobbying effort by credit unions and banks worried about the 21-day payment provisions who say the shorter period is difficult to implement.
Just as importantly, the bill will move up the effective date to Dec. 1 for new rules barring retroactive interest rate hikes also, something the lawmakers want to do because increasing numbers of banks are raising their rates retroactively before enactment of the new law.
The bill will be introduced at a press conference today by House Financial Services Chairman Barney Frank, and Carolyn Maloney, D-N.Y., one of the chief sponsors of the CardAct.
