US Senate Banking Committee Holds Hearing on Credit Cards

Yesterday, the US Senate Banking Committee held a hearing titled "Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Card Protections". The primary purpose was to discuss The Credit Card Accountability, Responsibility and Disclosure Act (“the Credit CARD Act”) re-introduced by Sen. Chris Dodd earlier this week. A video of yesterday's hearing is available online.

In his opening statement, Committee Chairman Sen. Chris Dodd wrote: "For too long, the use of confusing, misleading and predatory practices has been standard operating procedure for many in the credit card industry. The list of troubling practices the credit card companies are engaged in is as lengthy as it is disturbing."

The prepared testimony of six witnesses who participated in yesterday's hearing is available online.