Consumer Blog

Today the House overwhelmingly voted  (331-92 with YEA the public interest vote) to implement the Credit CARD Act of 2009 on December 1 instead of next year. The legislation is a response to banks behaving badly during the long implementation period that they had requested. Instead of using it get ready for the new law's supposed complexities, they have used it to raise interest rates, lower credit limits and make other harsh changes to accounts. Senator Dodd has a similar bill ready for Senate action. An animated cartoon by  Mark Fiore explains how banks behave badly over at NPR.