US Senate approves credit card reform bill

Beijing time May 20 morning news, according to foreign media reports, the United States Senate in Tuesday by 90 votes to 5 votes to approve a bill to limit the sudden increase in bank credit card interest rate and implied costs and change the terms of credit card contracts.　　The house is expected to pass the bill as early as Wednesday, paving the way for the signing of President Obama's signature by the end of the week. If signed into law, the bill would give the credit card industry 9 months to adjust its business model: The card issuers must publish their credit cards on the internet, allowing customers to make repayments via online banking or telephone banks, but not at an extra charge.　　Card issuers must give their customers 45 days ' notice and explanations before raising interest rates. According to the new rules issued by the Federal Reserve, some of these adjustments are ready for entry into force in July 2010.　　But the bill passed by the Senate will make these changes law, further restricting the types of fees banks charge and the target issuers. Analysts said the bill would hurt the profits of major credit card issuers such as Citigroup, Bank of America, JPMorgan Chase and Capital One. Building)