On July 31, the House Financial Services Committee approved credit card legislation, the Credit Cardholders’ Bill of Rights Act of 2008, H.R. 5244. The pre-Committee markup form of the bill would, among other things, (i) ban universal cross defaults; (ii) require companies to provide cardholders with 45 days advance notice of rate increases; (iii) prohibit double-cycle billing; and (iv) allow opt-out of creditor authorization of over-the-limit transactions if fees are imposed.