Rep. John J. LaFalce, D-N.Y., on Wednesday introduced legislation that would bar credit card issuers from penalizing customers who pay their bills in full each month.

The Credit Card On-Time Payment Protection Act would make it a Truth-in- Lending Act violation for issuers to cancel accounts or impose fees on cardholders who do not incur finance charges.

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.