Credit card bill heads to Obama's desk
The bill would prevent card issuers from penalizing borrowers for late payments to other lenders, force issuers to apply payments to the highest-interest balances first and require them to wait to raise rates after a late payment, among other provisions.
Both the House and the Senate overwhelmingly approved the measure, which drew broad support from members of both parties. The Senate passed it yesterday on a 90-5 vote, while the House passed it by a 361-64 margin.
Consumer advocates cheered the bill's passage, according to Bloomberg News. "For too long, owning a credit card company has been a license to steal," said Ed Mierzwinski, consumer program director at U.S. PIRG, the news service reported.
Meanwhile, banking industry representatives said the bill would limit credit if it becomes law.