WASHINGTON — Bank of America Corp. said Tuesday it wouldn't hike credit card fees in advance of new rules mandated by Congress capping charges set to go into effect in February.
In a letter sent to Senate Banking Committee Chairman Christopher Dodd, D-Conn., the bank pledged not to implement any change in terms of re-pricing of consumer credit card accounts between now and the effective date of the act.
Dodd was one of the major congressional champions of the new law cracking down on the credit card industry. It was one of the early consumer-protections achievements of the Obama administration.
Aides to the banking panel said that Bank of America has been the first major credit card issuer to declare it wouldn't raise fees before the rules stemming from the new law go in to effect next February.
Speaking earlier Tuesday, Dodd said he hoped other banks and credit card operators would follow suit.
The letter to the lawmaker was sent by John Collingwood, director of federal government relations at Bank of America, and dated Oct. 5.