The Permanent Subcommittee on Investigations held a hearing, “Credit Card Practices: Unfair Interest Rate Increases,” examining the circumstances under which credit card issuers may increase the interest rates of cardholders who are in compliance with the terms of their credit cards. This hearing was a followup to the Subcommittee’s March 2007 hearing which examined practices related to credit card grace periods, interest charges assessed against debt that was paid on time, and excessive fees.
President and Chief Operating Officer
Discover Financial Services
President, Bank of America Card Services
Bank of America Corporation
President for Card Services
Capital One Financial Corporation