So we're all wondering when and if there will be any laws against credit card companies? Not anytime soon folks, say July 2010 and even then it won't be THAT great. See the article below.
"Separate bills advancing in the House and Senate would place strict limits on card companies' ability to raise rates on existing customers and ban certain controversial practices. The Fed adopted new rules for card issuers late last year, but they won't take effect until July 2010..."
"....Mr. Obama said the current relationship between consumers and credit-card companies is "out of balance."
"We think we need to create a new equilibrium where credit is flowing; those who are issuing credit are able to make a reasonable profit, but they're doing so in a way that is responsible, and consumers are not finding themselves in a bad situation that they didn't anticipate," he said.
The credit-card executives left the White House without speaking to reporters. White House spokesman Robert Gibbs said Mr. Obama opened the meeting by saying that he disagrees with the notion that the new Fed rules on credit cards are strong enough. He said Mr. Obama also pointed out that he came into office having recently carried "appreciable" credit-card debt.
The legislation advancing in the House would bar issuers from applying payments to the portion of a borrower's balance with the lowest interest rate. It would also prohibit them from charging interest on parts of the balance that were already paid on time, a practice known as double-cycle billing.
In addition, it requires card companies to give customers 45 days' notice before raising rates and prevents them from raising rates on existing balances in most circumstances.
The Senate legislation would go further by placing a host of restrictions on credit-card transaction fees.
In addition to Mr. Obama, the White House was represented at the meeting by Treasury Secretary Timothy Geithner, National Economic Council Director Lawrence Summers, Council of Economic Advisers Chair Christina Romer and senior adviser Valerie Jarrett..."
provided originally by Wall Street Journal Article on Obama and Credit Card Abuse"
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