Deceptive credit card companies like First Premier Bank better watch out: The House just OK’d the new December 1st deadline for reformed credit card rules after consumers complained of all the deceptive fees.
Marketwatch: The House voted 331-92 to move up the effective date of recently approved restrictions on credit card companies from the current February, 2010, deadline of the law. The credit card law limits the ability of banks to hike interest rates and bans deceptive practices.
Committee Chairman Barney Frank, D-Mass., had sought to expedite the regulations, in part, because of his concerns that financial institutions were hiking interest rates prior to the effective date of the new legislation.
Companies with 2 million cardholders or less are exempt and have until the original February deadline to comply.