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Summit News

Banks expect final credit card bill soon

WASHINGTON (Reuters) - With momentum building in the U.S. Senate, Congress is likely to finalize a credit card reform bill soon, the head of the American Bankers Association industry group said on Tuesday.

“I’d say the odds are very good that in the not too distant future we’re going to have a credit card bill,” Edward Yingling, president of the group, said at the Reuters Global Financial Regulation Summit in Washington.

The House of Representatives is expected to easily approve its version of credit card reform legislation on Thursday. In the Senate, controversial legislation needs 60 votes to prevent being blocked.

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