On February 12, Senate Banking Committee Chairman Christopher Dodd (D-CT) re-introduced S. 414 (The Credit Card Accountability, Responsibility and Disclosure Act) to amend the Consumer Credit Protection Act, ban abusive credit practices, enhance consumer disclosures and protect underage consumers. The bill limits fees and penalties, retroactive interest rate increases, unfair payment allocation practices, and double-cycle billing. The legislation also requires issuers to lower penalty rates imposed on a cardholder after six months if the cardholder meets the obligations of the credit card terms and provides each federal banking agency the authority to prescribe regulations governing unfair or deceptive practices by the institutions they regulate. On the same day, the Senate Banking Committee held a hearing entitled, “Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Card Protections.” The hearing featured testimony from representatives of the private sector including the Consumer Federation of America and the American Bankers Association, as well as professors of law and economics.