WASHINGTON – The inclusion of an unrelated gun amendment did not deter members of the House yesterday from voting final passage of the credit card reform bill and sending it on to the president for his signature by the end of the week.
House members joined members of the Senate in approving an amendment that will allow gun owners to carry loaded concealed weapons in national parks, something the Supreme Court had struck down. A White House spokesman said President Obama will sign the bill into law with the gun amendment on it.
The bill will prohibit card issuers from raising interest rates on existing balances unless the borrower is at least 60 days late. If the cardholder pays on time for the following six months, the company would have to restore the original rate. On cards with more than one interest rate, issuers will have to apply payments first to the debts with the highest rates, which would help borrowers pay off their cards more quickly. It will also ban double-cycle billing and universal default, and solicitation of cards to minors, those under 21.
The provisions of the bill are similar to amendments to the Federal Reserve’s Regulation Z passed in December, but will take effect four months earlier, next February, instead of next June 30, when the Fed’s regulations are scheduled to kick in.
