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The federal agencies that
are supposed to regulate the banking and credit card industries have
failed to keep pace with deceptive and unfair practices that have become
shamefully standard in the business, according to an editorial in
today’s New York
Times. As a consequence, many hard-working
Americans who pay their bills are mired in debt, so Congress needs to
rein in this sometimes predatory industry. Congressional investigations
and studies by consumer advocates have exposed other unsavory practices.
State usury laws would once have precluded many of these practices, but
those have been preempted by federal regulations that are increasingly
in favor of banks and credit card companies. Passing a bill introduced
by Sen. Carl Levin (D-Mich.) that would limit “penalty”
interest rates to an additional 7 percent above the previous rate would
be a good start, but lawmakers need to ban deceptive card offers
outright, strengthen federal oversight and toughen truth-in-lending
laws. Read
more.
NY Times: Congress Needs To Rein In Credit Cards |
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