oxcarts.thecowgoes.com :

21 01:12Tokyo, May 21 09:12Search

Symbol Lookup

HomeNewsMarket DataPersonal FinanceTV and Radio Feedback
Popular:PoliticsExclusiveMadoffIndustriesCurrenciesETFsToxic DebtC-Suite

News

* Exclusive

* Worldwide

* Regions

* ford insurance * Asia

* Australia & New Zealand

* Canada

* China

* Eastern Europe

* Europe

* France

* Germany

* India & Pakistan

* Italy

* Japan

* Latin America

* motorcycle insurance East

* U.K. & Ireland

* homeowners insurance * Markets

* Industries

* Economy

* Politics

* Law

* Environment

* Science

* Opinion

* Spend

* Sports

* Arts and Culture

* Editors' Video Picks

* Bloomberg Markets Magazine

* Special Report

RESOURCES

* Bloomberg TV

* Bloomberg Radio

* Bloomberg Podcasts

* Bloomberg Press

More News

• Fed Officials Saw Potential Need to Increase Bond Purchases,
Minutes Show
• Stocks in U.S. Fall on Concern Over Lending Restrictions; U.S. Steel
Gains
• Robert Kidder Will Be Chairman of New Chrysler After Fiat Assumes
Control
Congress Sends Credit-Card âBill of Rightsâ to Obama (Update2)
Share | Email | Print | A A A

By Jeff Plungis

May life insurance (Bloomberg) -- A credit-card customersâ âbill of rightsâ
that would curb fees home insurance limit penalties was passed by the U.S.
Congress and sent to President Barack Obama, who plans to sign it into
chinese chicago The House gave final approval to the measure on a 361-64 vote today, a
day after the Senate approved it. The House also approved, on a
separate 279-147 vote, chinese tutor chicago amendment linked to the measure that permits
concealed weapons in jumbo playing cards parks where allowed by states.

Obama plans to sign the credit-card legislation into law on May 22,
said Jen Psaki, a spokeswoman for the president. Supporters said the
measure is intended to give consumers more say in their dealings with
credit-card companies.

âThis bill will make the lives of hardworking Americans better,â
said Representative Carolyn Maloney, a New York Democrat who sponsored
the House version of the legislation. âIt will help level the
playing field and restore balance to credit-card contracts.â

Republican Representative Pete Sessions of Texas said the measure
would backfire. âEvery American will see an increase in their
interest rates,â he said.

The American Bankers Association, representing companies such as Bank
of America Corp., JPMorgan Chase independent fashion Co. chinese teacher chicago Citigroup Inc., opposed the
bill, saying it would reduce available auto insurance more during an economic
crisis.

American Express Co. Chief Executive Officer Kenneth Chenault echoed
that theme on a conference call today.

Consumersâ Needs

âMy concern is about credit being available, particularly to
consumers who need it,â Chenault said.

American Express fell 81 cents, full color custom playing cards 3.3 percent, to $23.98 surfboard shape playing cards New York
Stock Exchange composite trading. MasterCard Inc. gained $2.90, or 1.7
percent, to $169.63.

The legislation would require lenders to apply payments many insure quote balances
with the highest interest rates first. It would prohibit increasing a
consumerâs rate on existing balances based on late payments to
another automobile insurance house insurance practice known as âuniversal default.â

It also would mandate 45 daysâ notice before lenders can increase a
cardâs interest rate. It would prohibit retroactive rate increases
on existing balances unless a consumer was 60 daysâ late with a
payment. Companies would have to revert to the original, lower rate if
a cardholder stayed current six printed playing cards after a emo fashion payment. The
effective playing cards promotion is nine months after enactment.

The bill promotional playing cards tighten restrictions on lending to students and how
gift cards are redeemed. It bans fees for paying by phone or over the
Internet, except for live services to make expedited payments.

Rate Increases

Consumer advocates said the measure was necessary to stop the banking
industryâs unjustified rate increases and added fees. The bank
charges led consumers to overwhelm Congress playing cards promotional the Federal Reserve
with complaints, said Ed Mierzwinski, consumer program director at the
advocacy group U.S. PIRG in Washington.

âFor too long, owning a credit-card company has been a license to
steal,â Mierzwinski said. âDue to abusive practices by mandarin lessons chicago card
companies, better auto insurance volvo insurance now on the verge of historic credit-card cheap life insurance Banks under the legislation will be prevented from pricing for risk,
said Edward Yingling, president and chief executive officer of the
American Bankers Association, said in a statement. Short-term
unsecured loans will be turned into riskier, medium-term loans, and
the bill will mean less available credit.

Record Defaults

Credit-card companies are reeling from record default rates.
Charge-offs, which are customized playing cards the banks donât expect to be repaid,
were 9.01 percent on average in April insurance quote with 5.24 percent a
year earlier, a 72 percent jump, according to promo playing cards compiled by
Bloomberg.

Available consumer credit contracted by a record $11.1 billion in
March, according poker size playing cards a May 7 Federal Reserve report. The drop was
equivalent to a 5.2 percent annual rate, the biggest since 1990.

Treasury Secretary Timothy Geithner said yesterday that credit-card
reform is part of the administrationâs efforts to restore the U.S.
economy and repair the financial system.

The bill âis an important step forward in consumer protection and
will help create a more fair, transparent and simple consumer credit
market,â Geithner said.

Gun Amendment

Senator Tom Coburn, an Oklahoma Republican who offered the gun
amendment, said it was necessary learn chinese chicago reduce crime in the parks. The
amendment, approved cheap renters insurance the Senate on a 67-29 vote on May 12, would
prohibit the federal government from barring weapons in national parks
where they are allowed by state law.

The Obama administration said last month streetwear clothing wouldnât challenge a
court ruling reinstating 26-year-old restrictions on guns in the
parks. The ruling by a U.S. District judge blocked a Bush
administration renters insurance allowing firearms that was backed by the National
Rifle Association.

To contact the reporter on this story: Jeff Plungis in Washington at
jplungis@bloomberg.net.

Last Updated: May 20, 2009 17:22 EDT