Yesterday, Bank of America (BoA) sent letters to Senate Banking Committee Chairman Christopher Dodd (D-CT) and House Financial Services Committee Chairman Barney Frank (D-MA) pledging "not [to] implement any change in terms (risk or economic based) re-pricing of consumer credit card accounts between now and the effective date" of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act). Several provisions of the Credit CARD Act, and related Federal Reserve proposed rules, which would prohibit certain changes to consumer credit card account terms, including "unfair" increases in APR, fee and finance charges, are currently scheduled to become effective February 22, 2010, however the implementation timeframe may be moved up to December 1, 2009, if Congress passes the Expedited CARD Reform for Consumers Act of 2009 (H.R. 3639). In response to BoA's letter, Chairman Dodd stated that “Every other credit card company should follow suit.”
Tomorrow, the House Financial Services Committee is set to hold a hearing on H.R. 3639.