WASHINGTON — The Obama administration is pressing for passage of legislation to rein in credit-card practices and eliminate sudden rate increases and late fees that have entangled millions of American consumers. Treasury Secretary Timothy Geithner and Rep. Carolyn Maloney, D-N.Y., chief sponsor of a House bill, met Wednesday with representatives of consumer and civil-rights groups.
The House bill, scheduled for a vote today, would prohibit double-cycle billing and retroactive rate hikes, ban the issuance of credit cards to people under 18 — which wouldn’t take effect until a year after enactment — and require more notice for interest-rate increases.
“We need to change the rules of the game” to make the credit-card business more transparent, fairer and simpler for consumers, said Geithner, right. The Associated Press; AP photo
