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U.S. House approves credit card reform measure
WASHINGTON |
WASHINGTON (Reuters) - The U.S. House of Representatives overwhelmingly approved credit card legislation on Thursday aimed at protecting consumers from hidden fees and sudden interest rate hikes.
The chamber voted in support of the Credit Cardholders' Bill of Rights. Banks opposed to legislation have warned it could reduce the amount of credit available and make it more costly to use a credit card.
President Barack Obama, who backs congressional efforts to overhaul the industry, is expected to sign a bill into law by late May once the Senate considers its own version next week.
Citigroup Inc (C.N), Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N) and Capital One Financial Corp (COF.N) had almost 77 percent of the credit card market at the end of 2007.
(Reporting by John Poirier)
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