Update On Senate Banking Committee Hearing On Credit Cards

The Senate Banking Committee held a hearing this morning on the "Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers". The committee's web site has been updated to include the prepared testimony of the participants along with a video archive of the hearing itself. In his opening statement, committee chairman Sen. Christopher J. Dodd said that he "would like to put the credit card industry, issuing banks and card associations on notice. If you currently engage in any business practice that you would be ashamed to discuss before this Committee, I would strongly encourage you to cease and desist that practice. Irrespective of the current legality of such practices, you should take a long, hard look at how you treat your customers, both in the short term and the long term."