The House Financial Services Committee today approved a measure to put additional restrictions on credit unions and other credit card issuers.
The measure, which the House could take up early next week, bans interest rate hikes on existing balances, over-the-limit fees, double-cycle billing. The cardholders could avoid a higher rate by cancelling the card before the rate takes effect.
It passed 48-19. The House bill is very similar to rules approved last year by the NCUA, the Federal Reserve and other regulators that would go into effect July 1, 2010.
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