Banks Fear Consumer Confusion as House Moves Up Effective Date for Credit CARD Act

by Jeff Sovern

Earlier this week, as the Times reported, the House passed a bill to move up the effective date of some of the Credit CARD Act provisions to December 1.  Here's an excerpt from the Times article:

Industry executives, however, said the move could backfire by prompting companies to restrict the availability of credit at a time when the economy is in a recession.

“This will create significant confusion for consumers and will further restrict access to credit for both consumers and small businesses, all to the detriment of the broader economy,” said Kenneth J. Clayton, a senior vice president at the American Bankers Association.

It's a relief to see that banks are concerned about consumer confusion.  I wish that concern extended to their consumer contracts.

Comments

[blackacre2a4life]

Nice zinger. Made me laugh.

[trademark registration]

Oh so it is nice that the banks are concerned about consumer confusion! I frequently visit your blog for updates. They are useful.

- Vincent

[ecommerce25]

AN EXCELLENT POST.I AM IMPRESSED WITH YOUR WRITING STYLE.THANKS A BUNCH FOR THE INNOVATIVE POST YOU HAVE SHARED WITH US.IT WILL NOT ONLY HELP THE NEWBIES BUT ALSO HELP FOR THE EXPERIENCE HOLDERS.I KEEP SEEING LIKE THESE ARTICLES.

[Debt Help TN]

Sounds like the banks a worried....

[Eight_Ball]

It is nice to finally hear the banks are taking the consumer and federal government serious. I think the banks are getting the message.