Released: September 28, 2008

Banks love bail out, but not credit card bill

Source: David Lazarus, Los Angeles Times (Free Registration)

You’ve got to love the banking industry.

As our friends in the financial sector were passing the hat among taxpayers last week for $700 billion in bailouts to cover their crappy mortgage investments, they were simultaneously condemning the House of Representatives’ passage of a “Credit Cardholders’ Bill of Rights,” which aims to crack down on some of the industry’s more troublesome practices.

The legislation - HR 5244 - would, among other things, end card issuers’ self-proclaimed right to change interest rates at any time. Instead, a 45-day notice would be required for any increase.

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