Friday October 23, 10:45 PM
U.S. House vote on card crackdown may be next week
WASHINGTON, Oct 23 (Reuters) - The U.S. House of Representatives may vote next week on advancing by three months, to Dec. 1, the effective date for strict new rules on credit card fees and interest rates, a House aide said on Friday.
A bill to accelerate the rules' implementation was approved on Thursday by the House Financial Services Committee in a swipe at major card issuers such as Bank of America (NYSE: IKJ - news) , Citigroup (NYSE: C - news) and American Express (NYSE: AXP - news) .
A vote by the full House could come as soon as Thursday, the aide said.
The new rules were approved by Congress and signed into law in May by President Barack Obama. Since then, Democratic lawmakers said, some card issuers have jacked up fees to try to maximize their revenues before the new rules kick in.
Some senators have called for an earlier implementation date, but no Senate bill has been introduced.
(Reporting by Kevin Drawbaugh; Editing by Dan Grebler) Keywords: FINANCIAL REGULATION/CREDITCARDS
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