President Obama, the House Financial Services Committee and the Senate Banking Committee are all on in favor, but the prospect of imposing changes on credit-card regulations before the Federal Reserve’s new rules next July remains unclear.
The House committee action came last week, before the president’s sit-down with the credit card industry. The bill, H.R. 627, mirrors to some extent the Senate’s Credit Card Accountability, Responsibility and Disclosure Act and the Fed rules. The American Bankers Association expressed its unhappiness with the House bill. In a formal response, ABA senior vice president of card policy notes the group’s “real concerns that the bill…will have a negative effect on lenders’ ability to offer reasonably priced credit to consumers and may make matters worse for the broader economy.”