WASHINGTON — A pair of House Democrats hope to move up the start date for a law passed earlier this year to crack down on abuses by credit-card companies.
Reps. Barney Frank of Massachusetts and Carolyn Maloney of New York plan to introduce legislation that would move the start date for the Credit Card Accountability, Responsibility and Disclosure Act to December 1 from February. The measure was signed into law by President Barack Obama in May.
The law, which was pushed by the White House and opposed by the banking industry, would prevent companies from arbitrarily raising interest rates, charging a fee to make payments through the mail or by telephone, and would stop practices such as double-cycle billing.
