Rep. Carolyn Maloney (D-NY), Chair of the House Financial Institutions Subcommittee, has released principles for credit card reform outlining legislation she hopes to introduce in September. These principles are the product of a roundtable discussion held with credit card issuers, consumer groups, as well as House Financial Services Chairman Barney Frank (D-MA) and Rep. Mike Castle (R-DE). The Subcommittee has held three hearings this year on card issues. AARP has endorsed the principles. Some banking groups are saying further protections are unnecessary. The entire issue may be overwhelmed this fall by Congressional focus on subprime mortgage borrower problems, which will use up considerable time and energy of the Banking and Financial Services Committees.