The US Senate voted overwhelmingly (a 90-5 vote) this afternoon to pass new limitations on the fees and practices of credit card issuers in the US. The bill, sponsored originally by Connecticut Senator Chris Dodd and called the Credit Card Accountability, Responsibility and Disclosure Act (CARD Act), will now go to conference to reconcile its provisions with those of an earlier House bill that also passed by a wide margin.

“This is a victory for every American consumer who has ever suffered at the hands of a credit card company,” said Dodd. “My bill that the Senate passed today will insist on consumer protections that are strong and reliable, rules that are transparent and fair, and statements that are clear and informative. I want to thank President Obama for working with me to get this over the finish line, and I urge my colleagues in the House to act quickly to pass this bill so we can get it to his desk as soon as possible.”

The New York Times has just published A Consumer's Guide to the New Credit Card Rules written by Ron Lieber - it compares the provisions of the House and Senate legislation and discusses where things may (or may not!) end up in a final bill to be sent to the President.

Senator Chris Dodd tweets:

"On my way to the floor to vote for my historic Credit CARD Act. I expect it pass the Senate around 10:20."

C-SPAN2 provides live video coverage from the Senate floor beginning at 10 AM Eastern.

Wright Express has announced that its multi-city NFC mobile payment pilot with Sheetz and ViVOtech has been successfully completed. According to the company, "during the trial, drivers used their Sheetz Fleet Business Advantage card loaded into their specially enabled Near Field Communication (NFC) mobile phones to make fuel and convenience store purchases at hundreds of Sheetz locations by just waving their NFC mobile phones at contactless-enabled readers. Wright Express was able to authorize and process the mobile transactions as easily as those done by drivers using plastic cards." READ MORE »

• Csmonitor.com: Credit-card bill could hit students hardest
• Independent Contractors Enjoy the Many Benefits of Prepaid Cards with TransCard!
• Bits Blog - NYTimes.com: A Service to Prove You are Really You
• Financial Post (Canada): Visa, MasterCard warn on payments regulation
• Room for Debate Blog - NYTimes.com: Credit Card Wars: A Penalty for Thrift?
• Chase Paymentech Class A Certifies Hypercom Optimum T4205
• Planet Payment to Provide Processing Solution for JCB International in Hong Kong
• Real Time Economics - WSJ: Point/Counterpoint: Will Credit Card Legislation Curtail Consumer Credit?