Here. An excerpt:
[Under the Credit CARD Act,] card issuers such as Citibank and Chase will have to quit a set of practices that regulators and lawmakers have finally outlawed as unfair or deceptive.
But not right away. In a concession to the arguments of the card industry that it needed lots of time to adjust, most of the new rules were delayed until February. Some won't take effect until August.
The result? According to a new study by the Pew Charitable Trusts, the nation's dozen largest card issuers - led by banks that taxpayers have spent billions to bail out - have doubled down on the practices that got them in trouble in the first place.
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Last week, researchers from Pew's Safe Credit Cards Project said every bank credit card they had looked at, nearly 400, bore at least one of the terms that will soon be outlawed as unfair or deceptive.
I wonder what this will do to the credibility of financial companies the next time they claim they need time to implement changes. The House Financial Services Committee is trying to move the effective date forward.
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