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Senate passes bill to further regulate credit card debt
By Edith Barlow on May 22nd, 2010
Consumers dealing with problems associated with home loans and credit card debt may take some solace in recent actions from the U.S. Senate.
Members of that branch of Congress recently passed financial reform regulations that would add new oversight to products associated with credit card debt. If signed into law, the Senate's measure would create the Consumer Financial Protection Bureau, which would be assigned with the task of watching financial offers.
Prior to the bill's passage, President Barack Obama said the reforms would empower consumers by giving them the information they need to make sound financial judgments.
"It will enforce the new credit card law we passed banning unfair rate hikes, and ensure that folks aren't unwittingly caught by overdraft fees when they sign up for a checking account," Obama said.
Lawmakers will now work to reconcile the Senate's bill with a similar one passed by the House toward the end of 2009. It also creates an organ to oversee financial products and consumer protection, although this would be a stand-alone agency. The Senate's CFPB would be contained within the Federal Reserve System.
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