21 August 2008

Banks Object to Credit Card Regulation

There's a big surprise, they want to continue to treat their customers like garbage.

This bill is pretty mild:
  • Requires 45 days' notice of interest rate increases
  • prohibits companies from changing the terms of the contract at any time for any reason, so called "Universal Default".
  • Makes issuers mail billing statements 25 days before the due date, instead of the current 14-day minimum.
  • Require that payments be applied to all balances proportionally, as opposed to the lowest (often introductory) rate first.
But even this very weak tea is too much for the banks.


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