The House Financial Services Committee approved a bill by voice vote Thursday that would speed up enactment of recent credit card reforms that ban double-cycle billing and universal default and limits fees.

During debate, the committee approved two amendments by voice vote from Rep. Brad Sherman, D-Calif., that would exempt small issuers with 2 million accounts or fewer and prepaid card issuers from the reform's expedited implementation.

The legislation would move up the card standards to Dec. 1 from Feb. 22, but it is not expected to become law because the Senate is unlikely to follow suit. The bill's passage in committee increases pressure on the Federal Reserve Board, which is in charge of carrying out the regulations, and the card companies themselves to speed up implementation.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.