U.S. President Barack Obama has signed on 22 May 2009. Law on the Protection of the rights of holders of credit cards.The official name of the document – The act of accountability, responsibility and information disclosure in the industry of credit cards.The new law limits the rights of card issuers to increase interest rates and commissions, requires them to inform customers in advance about changes in the terms of the contract.
In his speech at the signing ceremony of the law in the White House B. Obama stressed that reforming the business credit card is not aimed at encouraging those consumers who are accustomed to the “reckless spending” and to protect the “workers” of citizens who find themselves in difficult circumstances because of for the downturn in the economy.
“We demand responsible behavior from the users of credit cards, but exactly the same behavior and we demand from card companies,” - said B. Obama, whose words led the press service of the White House.
According to analysts, the new law strikes the profits of banks issuing credit cards, such as Citigroup, Bank of America and JP Morgan Chase. Banks warn that the approved regulations will lead to a reduction in the issuance of credit cards and, consequently, to restrict access to credit.
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