Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives

Improving Credit Card Consumer Protection

On June 7 2007 the US House Financial Services subcommittee on Financial Institutions and Consumer credit is holding a discussion relating to "Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives". Card issuers, consumer groups and regulators will have an opportunity to express their standpoints in connection with these issues. Chair Rep. Carolyn Maloney (NY-14) claimed that this discussion would help to scrutinize recent industry and regulatory initiatives, including the Federal Reserve's recent revisal of Reg Z, to determine the ways to ameliorate credit card protections for customers. Independently, Consumer Union published a press release, named "Bank of America's Education Campaign Can't Repair Harm From Excessive Fees". The press release stated that Bank of America's new campaign to facilitate its disclosures of bank and credit card fees can't reduce the excessive penalties for the customers.

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