The Senate has now passed credit reforms that are similar to what the house passed in April. Hopefully, now the bill will go to conference and then upon passage, on to Obama for signature. The bill doesn’t do everything I want, but many of the points seem to be good common sense first steps in fixing the consumer credit industries practices. Consumer Reports Money blog runs down the main points, but the main points attempt to insure interest rates are applied in a fair way and that consumers receive adequate notification. One big point in my opinion is no over the limit fees unless notified and accepted first (purchase can be declined rather than receiving the fine).
We’ll have to wait to see what comes from a combined bill to see if it gets neutered any further…
Are you trying to tempt me with a post about credit AND Congressional conference committees in the same entry? Throw in something about the banking industry special interests attempt defeat this legislation and I am sold. I might even cook you dinner tonight!