The Permanent Subcommittee on Investigations of the U.S. Senate Committee on Homeland Security and Governmental Affairs is holding a hearing today titled "Credit Card Practices: Fees, Interest Rates, and Grace Periods."
Speaking from the industry will be Bruce Hammonds , President, Bank of America Card Services; Richard Srednicki, Chief Executive Officer, Chase Bank USA, N.A.; and Vikram Atal, Chairman & Chief Executive Officer, Citi Cards.
According to an article by Kathleen Day of the Washington Post, the CEO of Chase Card Services "will apologize to Congress today for charging a financially strapped customer $7,500 in interest charges and late fees on purchases of $3,200, the company said yesterday."
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