Credit Card Reform Passes Senate

Citing the need to help consumers beleaguered by their credit card debt, the U.S. Senate has passed legislation that would ban abusive practices by credit card companies.

The Senate Bill, known as the CARD Act, passed on a 90-5 vote May 19. It followed the passage of the U.S. House of Representatives version, the so-called “Credit Cardholders Bill of Rights,” April 30. The Obama Administration has come in support of a credit card reform bill.

Among its features, the Senate bill: