Some of the worst credit card abuses happened after Obama was elected, and of course the Dems have had majorities in congress for some time now. I think part of the story is that, from a political point of view, the time is ripe now for credit card reform. As others have argued, this bill may have some unintended negative consequences, such as new fees for those with good credit.
OTOH, if the Rs were in control now, would they have pushed such a bill? Why won't either party push reform of the credit bureaus? Why do I have to pay to see my own credit information, especially since so much of the information they keep is incorrect or fraudulent?
Did you mean abuses under Bush after 2001 or Pelosi after 2006?? The time is ripe politically because both parties blame easy credit for the crash but point the fingers at who to blame. My point here is similar, reform is consistent with late 2008 blame CR theme.
I hear the same threats about people with good credit getting fees to pay for the fact that they cant lure the CRA type deadbeats into low teaser rate and then later jack them up to 20-30%, just like the CRA adjustable mortage did. Something seems wrong with this threat. I get rewards from Chase so I dont want changes to my account BUT if Chase lowers limits and raises interest rates UP FRONT on those with bad credit and little means, how can I object? Morally how can conservatives blame Barney frank for CRA home adjustable loans yet defend the same practice for unsecured credit cards??