WKYT | Lexington, Kentucky | News

Credit Card Leaders to Meet with Obama

WASHINGTON (AP) - President Barack Obama is summoning leaders of
the credit card industry to talk about fees and interest charges
that critics call abusive.
Aides say the president is responding to the anger of consumers
over credit card fees they never expected and sudden hikes in
interest rates on outstanding balances.
Both houses of Congress are considering new rules to limit such
practices and require greater disclosure. Aides say the president
will use the session with credit card company executives to outline
principles for any legislation.
Officials also say Obama doesn't want regulations that could
make it harder for banks to offer credit or that put credit out of
reach for many borrowers.


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