Frank sees need for quicker US credit card reforms

WASHINGTON Oct 8 (Reuters) - Credit card issuers' recent actions prove that lawmakers should move up the effective date of new restrictions on interest rates and fees, U.S. Representative Barney Frank said on Thursday.

Financial companies have taken advantage of a delayed implementation date in credit card reforms by raising customers' rates, Frank said.

"This is not the type of protection that should wait, and we should move forward," Frank, chairman of the House Financial Services Committee, said during a hearing on credit card reforms.

Frank and fellow Democratic Representative Carolyn Maloney have introduced legislation that would push forward the implementation of the new credit card rules to Dec. 1, 2009, from Feb. 22, 2010. (Reporting by Karey Wutkowski, editing by Gerald E. McCormick)