Banks oppose credit card bill of rights but want bailout money

The vote is history and the financial bailout has failed. As a follow-on to our article “Bailout Urgency Sounds Like Iraq War…” it is entirely possible that banks, mortgage companies, and investment houses do not want a bailout. They do not want the scrutiny. They do not want investigations, controls, and oversight. They do not want government involved in pay-related issues. However, they do want the money. Evidence? Consider the credit card bill of rights. Bankers oppose it.

A bill of rights for credit card holders like you and I would mandate, among other things, that statements will be received 25 days before the due date. Rates could not arbitrarily be increased. If a rate increase is pending the credit card company must notify you in writing 30 to 45 days prior. Issuers are against such initiatives, and do not want us to have any rights.

The bottom line is they want your bailout — read as “tax dollars” — and your credit card paymenets, but they do not want to be regulated, bound by anything reasonable, or controlled in any way. I think that is what got them into this mess to begin with.