Senate Nears Completing Credit Card Bill, Blocks 15% Rate Cap
Submitted by bobbyw24 on Thu, 05/14/2009 - 14:07
May 14 (Bloomberg) -- The U.S. Senate, working to complete legislation to curb credit-card fees and limit contract changes, refused to cap interest rates on balances at 15 percent.
The Senate may pass the so-called credit-card bill of rights measure as early as today, said Banking Committee Chairman Chris Dodd. Approval would send the measure to a committee to resolve differences with a House version.
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