Word: crediteers
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...White House meeting to agree to limit sudden interest rate hikes. But the real fight begins this week, and it's about to get ugly, as Democrats enter negotiations with banks and both sides test the resilience of each other's initial, aggressive postures. (Read a brief history of credit cards...
...odds for reelection in 2010 and determined to show his independence from Wall Street, has produced a tough bill that would largely prevent issuers like Bank of America, Citibank, JP Morgan Chase, Capital One and American Express from raising rates on customers even when cardholders miss payments or their credit rating tanks. "Americans do not deserve to be pushed down the economic ladder by credit card companies," Dodd said as he rolled out the bill, "It's wrong, it's unfair, and it must...
...banks have fired back, arguing that they'll get paid one way or another: they say Dodd's recipe is political posturing that will only produce higher initial rates for everyone and diminished credit for an ailing economy. "The American people can't manage their credit," says one industry heavyweight, "If you change the rules, guess what, we'll just start at a higher rate and you'll see a decrease in availability of credit and an increase in the cost to everyone else." (See the top 10 worst business deals of the past year...
...Credit card leaders have powerful friends on Capitol Hill, though, and neither side expects a clean victory. Moderate Democrats and those with major banks with big presences in their states are receiving particular attention from the banking lobby. These include Tom Carper of Delaware and Tim Johnson of South Dakota: Johnson voted against Dodd's bill in committee and Carper is a longtime bank backer...
...water down Dodd, and only Maloney's bill passes? The Dems have a plan for that: humiliate the banks and the Senators protecting them by bringing a tougher version to the floor and making them vote against it. Republicans for their part realize the political tide is against the credit card industry, but are working with them to limit Dodd's bill. "The bill won't go anywhere as it is" ranking Senate Banking Committee Republican Richard Shelby said Friday...