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OTS Unfair Credit Card Practices: Regulation Becoming Legislation—Is Interchange Next?

Published by: Javelin Strategy & Research

Published: May. 1, 2009 - 11 Pages


Table of Contents


Regulatory and Legislative Issues Bulletin

The Key Areas Where Regulation and Legislation May Happen

Of Primary Concern: Unfair Credit Card Acts or Practices - Regulation Becoming Legislation

Unfair Credit Card Acts or Practices

Credit Cardholders’ Bill of Rights Act

Senate Bill 414

Differences in the Regulations

Key Differences Between Regulation and Legislation

Analysis: Cardholder Legislation Will Pass

Will There be Legislation on Interchange?

Outcome: Pressure, not Legislation on the Interchange Model

How Regulation and Legislation—Proposed or Successful—Affects the Dynamic Nature of Credit Card Portfolios

Table of Figures

Figure 1: Consumer Beliefs on Merchant Reaction to Fee Decrease

Abstract

Overview
In a déjà-vu event, the House has once again passed the “Credit Cardholders’ Bill of Rights Act,” by a vote of 357-70. The bill contains many of the provisions of the Office of Thrift Supervision (OTS) ruling on unfair credit card acts or practices but expedites the deadline in an attempt to protect consumers sooner from certain unfair credit card issuer practices. At the same time, the Senate is considering its own bill, 414, with slightly different rules for issuers. The Obama administration has made it clear that credit card reform needs to happen — it is only the final form that is still in flux. Soon on the heels of this legislative reform will come the question of interchange regulation. This report studies the differences between the credit card reform ruling and pending legislation, examines consumer views of interchange, and comes to conclusions on the likely forms legislative efforts will take.

Primary Questions
  • What are the key provisions of the OTS ruling on Unfair Credit Card Acts or Practices, the “Credit Cardholders’ Bill of Rights Act” House Bill H.R. 627, and Senate Bill 414.9, and how do they compare?
  • Is legislation likely to pass? If so, which bill?
  • What do consumers believe about interchange?
  • Do they think merchants will pass along the cost savings if interchange is reduced?
  • Is interchange legislation is likely to pass? Why or why not?


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