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.