“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,” said US President Barack Obama during a meeting with a number of industry executives on 23 April at the White House.

He stepped up force to overhaul credit-card regulations, several targeting banks as well as card issuers who are increasing fees and lessening lending through the recession. The president said his government would work with legislators to shape the legislation. He thought customer protections get “been out of balance” with all credit-card companies’ interests.

Recently he once again said to Congress to approve a credit card modification bill. The White House referred to the inequitable penalties allegedly forced by credit card companies, with practices like

• Marketing Credit Cards & Minors
• Growing of Interest Rates on Future Purchases
• Interest Rate Boosts on Current Balances

Obama asked Congress to conclude working on that bill in next weeks in order to sign it and introduce thw law by May 25th. On the other hand, the Federal Reserve already imposed new rules and get effect from July 2010. The rules are especially designed to impose a host of latest consumer protections.

Related Tags

Related posts:

1. Saga Platinum Credit Card Cashes the Style with New and Lower APR
2. iSwipe (Credit Cards) – Accept Credit Card Payments with iPhone