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.