President Barack Obama said Thursday the U.S. credit card industry Chiefs he will insist on more regulation to protect consumers from unfair fees, punitive interest rates and predatory lending.Obama was expected to meet the heads of companies including American Express, Visa and MasterCard in the White House as he and Democrats in Congress to craft new guidelines which are causing concern in the under-fire sector.
"The President believes new rules of the road for the credit card industry needed," said Obama's special adviser Valerie Jarrett on Wednesday.
"He would do with an open and productive conversation tomorrow with representatives of the credit card industry about the impact of the current crisis on consumers."
President Barack Obama Thursday will tell the U.S. credit card industry Chiefs he will insist on more regulation to protect consumers from unfair fees, punitive interest rates and predatory lending.
Obama was expected to meet the heads of companies including American Express, Visa and MasterCard in the White House as he and Democrats in Congress to craft new guidelines which are causing concern in the under-fire sector.
Earlier Wednesday, Democrats in Congress continued to crack area, which is accused of temptation easily borrowers of loans in good times and hard down the installation of high and lower credit lines, when the economy is sour.
Members of the House of Representatives Financial Services Committee voted for it to send the draft to the rigidity and the Comoros in full.
New York Democratic Congress woman Carolyn Maloni, who wrote about the credit cards' Bill of Rights, said that the card holder and card.
"For too long has been a factor, but the best on the market when all parties know what they are - and deceptive practices should be stopped"
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