I wanted to let everyone know that on Thursday, the House Subcommittee on Financial Institutions and Consumer Credit Hearing will hold a hearing entitled, Improving Credit Card Consumer Protection: Recent Industry and Regulatory Initiatives.
I'm hoping they tackle my favorite credit card industry related matter . . . interchange fees. You remember the $36 billion (in 2006) that the Visa and MasterCard collect every time anyone uses plastic to buy something. If you've forgotten or never heard of the fee, a group I'm working with
http://www.unfaircreditcardfees.com/">www.unfaircreditcardfees.com has some great information and resources.
As for the hearing,
Rep. Carolyn Maloney (NY-14), Chair of the Financial Services Subcommittee on Financial Institutions and Consumer Credit, announced today that the subcommittee will hold a hearing on improving credit card consumer protection. The subcommittee will hear from card issuers, consumer groups, and regulators. Maloney will examine recent industry and regulatory initiatives, including the Federal Reserve’s recent revision of Reg Z, to help identify ways to improve credit protections for consumers.
Subcommittee Chairwoman Maloney said, “The problems and concerns that consumers are having with credit card companies are a priority for this subcommittee. I look forward to hearing from consumer groups, banks, and regulators to identify ways we can better protect
If you're looking for something to do on Thursday morning you can watch the hearing on the committee's
http://www.house.gov/apps/list/hearing/financialsvcs_dem/press060707.shtml">website and as always feel free to contact the committee with specific concerns. I'm thrilled to see Congress continue to focus on oversight of the credit card industry. Hopefully we can improve consumer protections, improve transparency and address out of control fees like interchange.
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