Mr Obama to prod Credit Card firms on fee practices.

[TWiley]

Mr. Obama to prod credit card firms on fee practices

By Caren Bohan and John Poirier

WASHINGTON (Reuters) - President Barack Obama will weigh in on Thursday on the lending practices of U.S. credit card companies, an issue that has triggered an outcry from consumers hit with high fees and interest rates.

Mr. Obama has joined a push by lawmakers to rein in credit card practices that his aides have labeled as "abusive" and plans to air some of his concerns at a White House meeting with 13 executives from top banks and companies that issue the cards.

Senior White House aide Valerie Jarrett said Obama, who is trying to rescue the U.S. economy from recession and fight the financial crisis on a variety of fronts, hopes to see "new rules of the road" for the credit card industry.

"He looks forward to having an open and productive conversation ... with the representatives of the credit card industry about the impact of the current crisis on consumers," she said.

Executives from Bank of America Corp, American Express Co, Citigroup Inc Wells Fargo & Co, JPMorgan Chase & Co, Capital One Financial Corp, Visa Inc and MasterCard Inc will be among those due to visit the White House.

The meeting, scheduled for 1 p.m. EDT, comes a day after a House of Representatives bill to curb credit card fees and limit penalties cleared a key panel.

Full Story: https://news.fidelity.com/news/news.jhtml?articleid=200904230207RTRSNEWSCOMBINED_TRE53M107_1&cat=Top.Investing.RT&IMG=Y

[DemBones DemBones]

1. I hope he uses a cattle prod. Those people screw the poor.

[TWiley]

2. I just had a run-in with Sears / Citi

There was a missed communication between the salesman and myself resulting in a 30% interest rate along with an outrageous fee. I paid the credit card off and cancelled it. If I did not have the cash, I would have been deeply screwed. They charge for an entire years interest up front, and then want to issue me a refund check within 6 months. Oh, did I say that they will NOT be paying 30% interest on the money they borrowed from me?

These are the same dick heads whose industry has just swollowed up a trillion in taxpayer dollars

[orleans]

3. what's with the "mr?"

second post within 8 minutes calling obama "mr."
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=226x7020

i know i refer to him as "obama"
(just as i refered to the fuckhead as "fuckhead"
but mr?

i don't know--can't quite make my point here. it's late.)

[snappyturtle]

4. IMHO these banks with their ever changing 'rules' set up the

defaults they're now experiencing. The President needs to get a committment to a lower (much lower) fixed interest rate. People into credit cards were screwed the fall of 2006.