Key Democrat Promises Credit Card Crackdown

by Patrick Lunsford, CollectionIndustry.com

The incoming chairman of the powerful Permanent Subcommittee on Investigations in the U.S. Senate said last week that he would be holding hearings early next year to explore increased federal regulation of the domestic credit card industry.

Senator Carl Levin (D-MI) said last week that he is actively seeking witnesses whose stories will highlight "unfair, abusive fees that are imposed by the companies that run our lending." So expect testimony along the lines of “the credit card companies ate my baby,” or similar.

Levin said of the push to step up credit card industry regulation, “We're going to make an effort and I think we're going to succeed." Levin also said that legislation was already in the works.

Levin claimed that Christopher Dodd (D-CT), incoming head of the Senate Banking Committee, plans to introduce legislation aimed at the credit card industry, although the accuracy of the statement could not be confirmed.

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