Credit card rules change in two years

Calling it a “good first step,” Congressmember Carolyn Maloney spoke about the recent ban of certain deceptive practices carried out by credit card companies.
The only drawback seems to be the date when the ban is going to take affect.
“These new rules aren’t scheduled to take effect until 2010; Congress should act sooner to protect American consumers by giving credit card protections the permanence and force of law,” Maloney noted.
The ban was passed by the Federal Reserve, Office of Thrift Supervision and the National Credit Union Administration.
Maloney, the Chair of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, is no stranger to this matter insofar as she’s the author of the Credit Cardholders’ Bill of Rights (HR 5244).
Supported by 155 bipartisan cosponsors, the bill lets consumers set their own credit limits and prohibits marketing credit cards to minors, among other things.
Maloney spoke about the role that these little plastic objects play in our everyday lives.
“Credit cards are an important financial tool and are a vital part of the economy, but we must allow consumers to make informed decisions regarding interest rates and fees related to their credit cards, and allow competition to drive the credit card markets,” Maloney said.