Senate Passes Credit-Card Bill

Law dials back crucial fees, interest rates

(NEWSER) - A law President Obama is expected to sign today bringing new consumer-friendly rules on credit cards could cost the industry $10 billion in revenue, the Wall Street Journal reports. The legislation, which dials back various fees and interest rates, will devastate companies that target consumers with checkered credit histories and issuers reliant on specialty cards for retailers, experts say. More»

(AP) - Congress has sent President Obama a bill with sweeping new rules for the credit-card industry that will affect just about every American. The House approved the measure this afternoon, 361-64. The Senate OK'd it yesterday, 90-5. The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay by phone. More»

But vote was close, a warning for Obama

(NEWSER) - Looks like a good-news, bad-news result for President Obama today on the Keystone oil pipeline. The good news for him is that a Republican measure to fast-track the controversial pipeline fell short in the Senate, reports the Hill . Obama had personally lobbied against the measure, and passage would have been an embarrassment for him. In that sense, the vote is a "White House victory," in the words of the Washington Post . More»

House, Senate easily approve extension

(AP) - No last-minute Capitol Hill surprises: Congress today passed legislation renewing a payroll tax cut for 160 million workers and jobless benefits for millions more, backing the main items on President Obama's jobs agenda in a rare burst of Washington bipartisanship. The Senate approved the $143 billion measure by a 60-36 vote. That tally came minutes after the House approved it by a sweeping 293-132 vote. Obama is expected to sign it into law shortly after returning from a West Coast fundraising swing. More»

Short form in plain English could become industry standard

(NEWSER) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,000 words long and does away with much of the legalese that studies show befuddles up to two-thirds of credit card users, AP reports. More»