Credit-Card Companies Bracing for W.H. Meeting on High Fees (use my links to contact your reps now!)

[ClarkUSA]

Last fall, a group of credit card companies asked Lawrence Summers for a sit-down, with the goal of “educating” the incoming Obama administration about their much-maligned industry.

Now it looks like they’ll be the ones getting schooled.

The CEOs from Visa, Mastercard, American Express and the credit card divisions at about a dozen of the largest banks will get their meeting Thursday, but it will be at the White House, and President Barack Obama and Treasury Secretary Timothy Geithner will join Summers as not-so-happy hosts.

On the Sunday show circuit last weekend, Summers made it clear that the administration wants to talk with the companies about high fees and predatory lending practices... The meeting is particularly ill-timed for the card industry. On Wednesday, the House Financial Services Committee approved legislation cracking down on credit card billing practices, frequently derided as abusive by consumer advocates. A bill has also passed the Senate Banking Committee but faces a tougher fight on the floor... Even some of the industry’s longtime allies on Capitol Hill admit that change is coming... There are signs that the political dynamics are shifting. Carper said he is open to a compromise bill, as did Sen. Bob Corker (R-Tenn.), who sits on the Senate Banking Committee.

The House Financial Services Committee approved credit card reform legislation Wednesday, and the bill is expected to pass the House easily as early as next week... A White House push could help tip the scales for the bill.

“If calls for this to be acted upon, I think that will give it great boost,” said Sen. Carl Levin (D-Mich.), who’s held multiple hearings investigating predatory credit card practices. “I think if this is brought up, there’d be a good chance that we can get 60 votes, even more.”

Please call all your representatives today and tell them you want them to vote "aye" for this bill! Click on these links to contact the Congress or the Senate now. Thanks! :hi:

[lonestarnot]

1. kick their asses, but not next year! Today!

[nykym]

2. What we really need

is a national lenders rate. Right now certain states have usury laws that make it easy for card companies to charge whatever they please.

[TheCoxwain]

3. Will this event be televised? I want to see Obama Lecturing them. NT

[ClarkUSA]

5. I wish but I kinda doubt it. There may be some sort of visibility at the end, though.

[Native]

4. Done!

[ClarkUSA]

8. Thanks!

:fistbump:

[flpoljunkie]

6. The House will pass their bill next week. It is Senate R's who will try and stop Dodd's bill.

[flpoljunkie]

7. Consumers Union also has an online petition to curb credit card company abuse

Curb Abuse by Credit Card Companies

Target: U.S. Congress

Sponsored by: Consumers Union

Several major banks just hiked interest rates and fees on our credit cards, turning a blind eye to the millions of Americans struggling with the collapsing economy and higher unemployment.

Media reports show Capital One hiked interest rates to 17.9% from 12.9%. Citibank raised their rates an average of 3%. While over at Chase, customers had a "choice" of paying a $120-a-year fee and a higher minimum payment, or a higher interest rate. Meanwhile, the interest rate banks charge each other for overnight loans is as low as 0%.

The Federal Reserve Board passed a new rule to prevent these sudden rate hikes, but it won't go into effect until the middle of 2010. How many times before then will we get slugged with higher rates and fees just so the banks who got billions in taxpayer bailouts can increase their profits?

The chairman of the Senate Banking Committee just reintroduced his bill to put an end to these abuses, saying, “Mark my words: in the coming months, they will end." Other bills also have been introduced to crack down on these abuses.

Let's help make it happen now. Tell Congress we can't afford to wait until mid-2010 for credit card reform!

http://www.thepetitionsite.com/takeaction/141580340

[ClarkUSA]

9. He's on TV now after having wrapped up the meeting.

[marlakay]

10. I can't believe how many letters i have had this year

for change of terms.

[ClarkUSA]

13. Me too. This meeting was for Americans like us.

[calimary]

11. TOLL FREE Capitol Hill switchboard numbers conveniently located here in my sig line below.

I hope many of us call in - ESPECIALLY if you're unfortunate enough to have a republi-CON representing you. ABSOLUTELY CRITICAL that you call in, in that case!!! They, especially, need to start feeling more and more like the walls are closing in on them. Destabilize the enemy - make them nervous and afraid and they start bickering and eventually some of them fall away and read the writing on the wall (particularly so if they're logging lots of contrary calls pushing them in a different direction than their party weasels are trying to dictate). Pressure WORKS!!! It makes a difference!!! Sometimes it can make a HUGE difference!!!

[ClarkUSA]

14. "call in - ESPECIALLY if you're unfortunate enough to have a republi-CON representing you."

Absolutely! And thanks for the number.

[jimlup]

12. Make the damn bill retroactive

these motherfuckers