Crackdown on Credit Cards Companies - kick 'em in the teeth!

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.

Industry representatives are trying to paint a happy face on Thursday’s meeting. “We hope it involves a constructive dialogue about the various complex issues that are involved here,” said Ken Clayton, managing director of credit card policy for the American Bankers Association.

SHOOT: This is long overdue. I recently received a new credit card (the old one had expired). The accompanying marketing material claims to be sharing 'peace of mind'. At another bank wall posters claim 'instead of dreaming you can have it now [why wait]'. Banks and credit card companies need a kick in the teeth.

clipped from news.yahoo.com 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.