A focus on regulating the credit card industry
“More regulation” is the magic phrase some claim is needed to prevent another economic meltdown. It looks like the credit card industry may be the leading front of that new regulation. Today, lawmakers in the U.S. House are working on a bill that would curb some practices that consumer advocates consider the most egregious, like arbitrarily raising interest rates. On Thursday, President Obama is meeting with the heads of the credit card divisions of 14 major banks, and it’s widely thought that the he will express his support for the legislation. Anya Kamenetz, a staff writer at Fast Company magazine and the author of Generation Debt joins The Takeaway with a look at what new regulation we can expect for credit card companies, and what that will mean for borrowers.
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