US Rep Frank eyes earlier credit card rules start

Source: Reuters

WASHINGTON, Sept 16 (Reuters) - U.S. Representative Barney Frank may introduce a bill to advance the implementation date to Dec. 1 for new regulations limiting credit card interest rates and fees, a Frank aide told Reuters on Wednesday.
Now set to take full effect in February 2010, the regulations were approved by Congress and signed into law earlier this year by President Barack Obama.

"We are not happy about what we are hearing on what banks and credit card companies are doing in advance of the effective date," said Frank aide Steven Adamske.

Frank, a Democrat, "may be filing a bill soon ... We are looking at Dec. 1, 2009," he said.


Read more: http://www.reuters.com/article/etfNews/idUSWBT01316020090916

You know, being such honest and upfront corporate citizens that they are..:eyes:

No body saw that coming.

If so, they need to all resign and let us get some intelligent people in there.

The bill should have been retroactive back to the date of the start of the financial crisis. And by giving them notice now on a date change, they'll still have 90 days to implement increases in rates and minimum payments.

Thanks a lot, Congress. You're the best friends corporate America ever had, but you don't work for them, you work of US, and we're fed up. :eyes:

and proclaim: "Next Friday guys! That's when this stuff kicks in!"