New Credit Card Rules Could Trim $10B From Industry Coffers

(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»

(NEWSER) - The House today approved legislation to protect credit card holders from hidden fees and sudden rate hikes, Reuters reports. Legislators voted overwhelmingly for the Credit Cardholders' Bill of Rights, a measure banks complain will tighten the amount of credit available and make holding a card more expensive. The Senate is expected to pass its own version next, and President Obama hopes to sign the bill in May. More»

Companies add fees and cut limits in blind cash grab

(NEWSER) - If your credit card bill just exploded, it wasn’t an accident. Card issuers have been jacking up rates to historic highs—in excess of 30%—cutting limits, and adding new fees in an effort to squeeze money out of customers before new federal regulations kick in Feb. 22. The new rules will prevent them from retroactively raising interest rates and fees on existing balances the way they’re doing right now. More»

President taps adviser to set up consumer protection agency

(AP) - President Obama named Wall Street critic Elizabeth Warren a special adviser today and tasked her with setting up a new agency to look out for consumers. Calling Warren "one of the country's fiercest advocates for the middle class," Obama said the new bureau would end abusive practices. "Never again will folks be confused or misled by pages of barely understandable fine print that you find in agreements for credit cards or mortgages or student loans," he said. More»

House majority leader, whip confident about health reform passage

(NEWSER) - Health care reform legislation will sail through the House of Representatives in Sunday's vote, Steny Hoyer says. “We'll have the votes when the roll is called,” the majority leader tells Politico . Democrats haven’t lined up enough yeas for President Obama’s key domestic agenda, but the majority whip seems as confident as Hoyer. “The bill will pass,” says James Clyburn. More»