by Edward L. Yingling, president and CEO, American Bankers Association

            “The credit card industry shares Congress’ commitment to promote consumer protection and responsible business practices.  However, we have serious concerns that certain aspects of this legislation would have unintended consequences such as more expensive and less accessible credit. 

            “This legislation seeks to change many of the credit card practices that currently provide borrowers with low interest rates, no annual fees, and broad access to credit.  We are concerned that the changes outlined in this legislation would unintentionally force higher costs and reduce access to the very people it intends to help.

“Likewise, the ABA is concerned that this legislation, by further tightening credit and constraining consumers, would counteract the economic stimulus efforts underway to help reverse the current downturn.

            “We believe these concerns are very serious and will continue to engage with policymakers as the legislative process moves forward.”

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The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $12.7 trillion in assets and employ over 2 million men and women.