The House Financial Services Committee voted to move up the start date for the newly drafted CARD legislation from February 1, 2010 to November 1, 2009.
Critics of moving up the start date say that many banks will not have time to comply with the regulations while those in favor of the bill point out things like the 3% Wells Fargo Credit Card Interest Rate Hike and the New Annual Fees Added to Many Credit Cards as reason enough to move up the start date.
What do you think?
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I am VERY happy to hear they moved the date up. Hopefully it saves some customers who were already over-extended from rate/fee/min pay hikes that they simply cannot afford.
Cheers Joel