U.S. House approves earlier credit card crackdown
WASHINGTON, Nov 4 (Reuters) - The U.S. House of Representatives took a swipe at credit card companies on Wednesday by approving legislation to advance the effective date for new limits on card fees and interest rates.
The limits were approved earlier this year by Congress and signed into law in May by President Barack Obama.
They sharply restrict card issuers' ability to raise interest rates on cardholders' existing balances; to charge certain fees; and to slap cardholders with unreasonable penalties. But they gave issuers several months to comply.
During that time, issuers have jacked up fees and rates to try to maximize revenues before the new rules kick in, said Democratic lawmakers and consumer advocates. (Reporting by Kevin Drawbaugh; Editing by Dan Grebler)
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