The House voted 331-92 Wednesday to move the implementation deadline for the remaining provisions of the Credit Card Accountability, Responsibility and Disclosure Act from February and August 2010 to the date the law is signed.
The Financial Services Committee previously set a December 1 date for the speed-up.
The committee version was also changed to exempt issuers that adopt a moratorium on interest rate increases on current balances and new balances incurred before February 22 from a quicker deadline for applying customer payments to the highest rate balance.
The passed bill would also exempt small credit card issuers that frequently outsource computer programming and gift card providers, due to the fact that gift cards have already been printed and shipped for the 2009 holiday season. Both would have to comply with the later deadlines previously laid out in the Credit CARD Act.
If the bill becomes law, issuers immediately could not: impose arbitrary interest rate increases
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