Feds May Crack Down on Credit Cards -- Eventually

"I would be surprised if Dodd's bill gets through without significant change," said Roderick Hills, professor of public law at New York University. Republicans are less likely to filibuster the proposal in an election year with banking and credit-card practices under a harsh spotlight, he said. However, they'll still "work hard to water down the bill to nip out" some of the items that might be more controversial.

Three federal banking agencies have approved a far narrower set of reforms, and expect them to be put in place by the end of the year.

Jeannine Kenney, senior policy analyst at the Consumers Union, said she expects it to take "at least that long for Congress to act" and that effects will be felt "no earlier than next year."

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