After years of credit reform legislation stalling in the House and Senate, the Federal Reserve passed regulations on their own back in December, but as you probably heard those new rules don’t go into effect until July 2010.
Christopher Dodd, the Chairman of the US Senate Banking Committee, recently proposed credit card reform be passed in the near future, instead of waiting all the way until July 2010. He said that lack of regulation has led to consumers being “gouged” by credit card companies on things like late fees and interest rates. Dodd along with Senator Levin (D – Michigan) proposed a bill that would outlaw the “anytime, any reason” policy creditors currently have that gives them the right to raise your APR for virtually any reason. Credit Card Forum will keep you updated on how this turns out.