This should have been done a long time ago. Consumers have been complaining about these practices for years but, as long as the Republicans had anything to say about it, this legislation went no where. But now even Republicans are on board. It passed by an overwhelming 357-70 vote.
There was the usual reaction from the banking industry:
Edward Yingling, president and CEO of the American Bankers Association, said the group "strongly believes that any additional legislative efforts should strive to achieve the right balance between enhancing consumer protection, and ensuring that credit remains available to consumers and small businesses at a reasonable cost."
"We continue to believe that more work needs to be done to achieve that balance," he said.
Once again raising rates at a whim to whatever the card company wants to is the idea of achieving a "balance" between the consumer and the card company. I don't think so. The actions taken would restrict the ability of the card companies from doing that.
I'm still pissed at Bank of America for what they did. I will say that the one card I canceled from them is just about paid off. The other one I'll keep because I've had it for so long and the credit limit is so high. But I'm starting to look into getting a card from the credit union I joined a couple of weeks ago. Once I have that the only reason I'll use the Bank of America card is in an emergency.
I think I can best sum up my feelings about Bank of America this was: the only way I'd ever do business with them ever is if someone had a gun to my head and threatened to shoot.