2012-07-26 — bloomberg.com
The bipartisan Credit Card Accountability Responsibility and Disclosure Act ended some questionable -- and lucrative -- bank practices, like charging hidden fees and offering low introductory interest rates only to jack them up suddenly. The industry hated the reforms and issued dire predictions that they'd mean the end of plastic.
Three years later, card issuers are sheepishly, if quietly, admitting that they're seeing a surprising benefit from the conservative lending the law was designed to promote, Bloomberg Businessweek reports in its July 30 issue.
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