“The days of any time, any reason rate hikes and late fee traps have to end,” Obama said.
At issue is how to protect consumers, particularly in a deep recession, while not imposing the kind of rules that could make it harder for banks to offer credit or put credit out of reach for many borrowers.
Industry executives left the White House without talking to reporters.
Later, one of the participants, American Bankers Association president Edward Yingling, said the executives listened to Obama’s concerns and “agreed to work with the administration to address them.” In a statement on behalf of the executives, he said consumer protection must be balanced with “ensuring that credit remains available to consumers and small businesses at a reasonable cost.”
The credit-card executives made the case in the meeting that the sweeping rules already ordered by the Federal Reserve, due to take effect next year, address many of the concerns held by the president and Congress.Read On