WASHINGTON - Senator Christopher Dodd, chairman of the Banking Committee, warned credit card companies yesterday against jacking up interest rates before legislation takes effect that would limit their ability to do so.
In a letter to federal regulators, the Connecticut Democrat asked for help in enforcing the new rules and vowed to closely monitor bank compliance.
While not all card companies are guilty of abusive practices, “experience has shown we must maintain vigilant watch to protect the financial interests of the American people,’’ he wrote.
Industry …
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Tags: Business, Car, finance, financial, Interest Rates
