Wells Fargo & Co.'s head of card services said the bank will raise interest rates for most of its credit card users before a measure that limits such hikes becomes law, Bloomberg News reported Wednesday.
The executive, Kevin Rhein, wouldn't comment on whether the timing of the move was affected by the law, due to take effect in phases starting May 22, but said the company has been considering the changes for "quite a period of time."
The bank has begun notifying customers that the rate increase would begin Nov. 30.
Monday, Bank of America Corp. pledged that it would not increase rates on customers in good standing before the law goes into effect. Senate Banking Committee Chairman Christopher Dodd encouraged other banks to follow suit.