Credit Card Hearing Now Underway

The House Financial Services Commitee's hearing on Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives started half an hour ago.  You can watch it live at this link.  Among a panel packed with industry representatives, there are only two people representing consumer interests:  Kathleen Keest of the Center for Responsible Lending and Ed Mierzwinski of U.S. Pirg.

Comments

[Best Credit Cards in Australia]

Credit card consumer protection should really be tackled and hopefully implemented. There are tons of hacker and consumer should be safe with their credit card despite of the existence of these hackers.

[credit]

This site is goog.Thanks pubcit for your council.

[zhafran]

The first thing you’ll need to decide when choosing your credit card, is why you need one in the first place. Some people choose to get a credit card for cash flow purposes. With a credit card, you can make purchases and buy things, leaving your paycheck or other source of income in your bank account to draw interest.
http://equityloansecrets.com/credit-card.php

[Hunter]

I'm glad to see the House Financial Services Committee tackling the issue of credit card consumer protection. On the heels of hearings held in the Senate earlier this year by Senators Dodd and Levin, there is hope for greater transparency and fairness in the industry's business practices.

I've been working with www.unfaircreditcardfees.com to raise awareness of interchange fees, a fee that the credit card companies hide from consumers. At $36 billion last year, this is something we all need to be aware of. Not only do consumers pay the cost of this fee, but it's charged on both the sales price and sales tax. Thus, interchange amounts to a tax on a tax.

For anyone unaware of interchange, here is a great concise argument against this fee from the Birmingham News.

http://www.al.com/opinion/birminghamnews/index.ssf?/base/opinion/118146364954081.xml&coll=2