Lawmakers are scheduled to review a bill later this month that would set new curbs on credit cards by capping interest rates at 16% and late payments and overdraft fees at $15.
The House Rules Committee has set a hearing on the bill, sponsored by Rep. Louise Slaughter, D-N.Y., and Rep. John Tierney, D-Mass., for Jan. 27.
The bill could come up against rules set by NCUA, the only financial regulator that caps interest rates. NCUA now caps interest rates charged by federal credit unions at 18%.
The credit union lobby is opposed to the bill because they say it would set arbitrary rate caps, thereby limiting their ability to price risk, according to one NAFCU lobbyist.
A similar bill that would have limited rates to 15% failed last year in the Senate.
Consideration of the bill comes just months after Congress passed new curbs on a variety of credit card billing practices.
