Reform May Come Sooner on Credit Cards

For just about anything you want to get off your chest about credit cards.
3 posts
User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Reform May Come Sooner on Credit Cards

Postby Mogul of Pineapples » Sat Jan 17, 2009 4:38 pm

The Fed already passed their sweeping reforms but those aren't set to take effect until July 2010. But the Democratic congress is again aiming to push through reform that would take effect long before then.

Bloomberg.com: Worldwide

Let's hope this goes through this time around and the Republicans don't shoot it down like they always do.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Sat Jan 17, 2009 11:04 pm

By the time congress gets that done it will already be July 2010.

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Sun Jan 18, 2009 4:02 pm

They could get something through earlier than that. It would be easily possible to push something through before the summer recess.

The question is how long would they give the banks to get on board. Would they have to cooperate within 3 months, 6 months, longer? That is where the time will really be tacked on. As far as whipping something up and passing it, this could be done quicker than you think, even with our lame congress.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: EdwinCoink and 2 guests