Dodd, Frank Comment On CIti's Card Practices Changes

Yesterday, Senator Christopher Dodd (D-CT) issued a statement regarding yesterday's announcement of Citigroup’s new credit card practices: "“Citigroup’s decision today is a positive step that I would urge other issuers to take. I will continue to consider what steps we in the Congress can and should take to ensure that financial services like credit cards are a more consistent and reliable tool for consumers as they strive to build more secure and prosperous lives in our free market system.”

Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services issued a similar statement today: “Eliminating universal default and unilateral changes in terms and conditions are important steps toward reforming industry pricing policies, and I appreciate Citigroup’s newly announced revisions in credit card practices. I hope other issuers will follow Citigroup to end practices that can be unfair and costly to consumers.”