Bankers push back against legislation that would prohibit arbitrary rate hikes on credit cards

Bankers push against credit card reform

WASHINGTON — Bankers are pushing back against a bill that would prohibit arbitrary credit card rate hikes and make it harder for people under 21 to get a card.

The American Bankers Association warned senators in a letter Tuesday that the legislation could restrict credit at a time when Americans need it most.

Senate Democrats say they will not back down and hope to pass the measure this week. Connecticut Democrat Christopher Dodd, who chairs the Senate Banking Committee, said the bill has been a “long time coming.”

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