Senate committee to examine credit-card industry

Banking committee hearing first about new consumer-centered agenda

WASHINGTON -- Members of the Senate Banking Committee are scheduled to convene their first consumer-oriented hearing of the new Congress on Thursday, and examine ways to tighten rules related to the credit-card industry's billing, marketing and disclosure practices.

New Banking Committee Chairman Christopher Dodd, D-Conn., has long tried to clamp down on the industry, including by requiring companies not to raise fees and interest rates on card-holders who want to cancel a card. Dodd has also sought increased disclosure about the length of time required to pay off balances when making only minimum monthly payments.

Dodd and other Democrats have also aimed to curb companies' targeting of college students.

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