Credit Card Leaders To Meet With President Obama

By: Associated Press Email
By: Associated Press Email

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Thursday, April 23, 2009

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 President 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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