In late January, Senator Chris Dodd held hearings on credit card practices, sternly warning credit card companies to clean up their practices or face new legal restrictions. Nearly every senator on the banking committee chimed in with the same message. Today, Citigroup dropped two of the most criticized features: universal default and anytime interest rate changes. No new legislation, but millions of customers will get a better deal.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250507