With even a watered down bill trying to stop the most brazen loan shark practices of credit card companies, the industry is now planning to retaliate. From the New York Times:
to make up for lost income, the card companies are going after those people with sterling credit.
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
The article goes on trying to claim those predatory practices are only those riskier borrowers but all of America knows that's not the case.
Note most companies saying this are TARP recipients.
These same companies are expected to rake in $20 billion dollars on late fees and penalties this year.
Update: The Senate passed the watered down version of credit card reform. The next step is to select conferees who resolve the differences between the House and Senate versions. There is no point in analysis currently since very often conferees change legislation after it has passed both houses.