A late Monday compromise on the U.S. Senate Banking Committee between Sens. Richard Dodd (D-Conn) and Richard Shelby (R-Ala) has paved the way for a Senate approval of new consumer-friendly restrictions on credit-card practices, moving it into the reconciliation phase and one step closer to enactment.

According to American Banker, the compromise involved almost no concessions to the hard-line changes sought by the Obama administration in advance of next year’s federal regulations restricting card companies on raising rates and fees on cardholders’ existing balances. Analysts say the GOP caved because of the “unstoppable” momentum the card bill had gained.

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