Written Testimony on the Credit Card Industry Before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, April 26, 2007

21 Pages Posted: 24 Dec 2010 Last revised: 27 Dec 2010

See all articles by Arthur E. Wilmarth

Arthur E. Wilmarth

George Washington University Law School

Date Written: April 26, 2007

Abstract

This written testimony was presented on April 26, 2007, at a hearing on "Credit Card Practices: Current Consumer and Regulatory Issues," before the Subcommittee on Financial Institutions and Consumer Credit of the U.S. House of Representatives Committee on Financial Services. The testimony discussed the adverse effects on consumers resulting from (1) increased consolidation in the credit card industry, (2) rapid growth in credit card service fees and penalty charges, and (3) federal preemption of state consumer protection laws, including the impact of preemptive regulations issued by the Office of the Comptroller of the Currency ("OCC"), the federal regulator of national banks. The testimony also described the OCC’s failure to provide adequate protections for consumers against abusive lending practices involving national banks.

This testimony has been cited by a number of other scholars and policy analysts.To ensure that the testimony will remain publicly available, I am posting it on the Social Science Research Network.

Keywords: credit cards, bank consolidation, national banks, federal preemption, consumer protection, Office of the Comptroller of the Currency

JEL Classification: G20, G21, K20, K23

Suggested Citation

Wilmarth, Arthur E., Written Testimony on the Credit Card Industry Before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, April 26, 2007 (April 26, 2007). GWU Legal Studies Research Paper No. 517; GWU Law School Public Law Research Paper No. 517. Available at SSRN: https://ssrn.com/abstract=1729840 or http://dx.doi.org/10.2139/ssrn.1729840

Arthur E. Wilmarth (Contact Author)

George Washington University Law School ( email )

2000 H Street, N.W.
Washington, DC 20052
United States
202-994-6386 (Phone)
202-994-9811 (Fax)

Register to save articles to
your library

Register

Paper statistics

Downloads
67
Abstract Views
988
rank
331,570
PlumX Metrics