Politics | Congress Schumer Wants Faster Action on Credit Cards Rules on deceptive practices don't take effect until 2010 By Nick McMaster Posted Apr 23, 2009 1:49 PM CDT Copied Sen. Charles Schumer, D-NY, arrives for a Democratic policy luncheon on Capitol Hill, Oct. 1, 2008. (AP Photo) Sen. Chuck Schumer is putting pressure on the Fed and the Office of Thrift Supervision to enact restrictions on the business practices of credit card firms more quickly, the New York Daily News reports. The agencies have drafted new rules banning deceptive practices like hidden fees and retroactive rate hikes, but the measures don’t go into effect until July 2010. Schumer and colleague Chris Dodd are worried credit-card companies will go on a gouging spree in the meantime. “As Congress works to pass this legislation, and before your rules become effective, issuers continue to operate using unfair and deceptive acts and practices,” Schumer and Dodd wrote. “Credit card providers have been aggressively raising rates on consumers now to avoid the ramifications of this rule.” Read These Next Scarlett Johansson is the highest-grossing actor of all time. Doctor shares wish for pro-Trump flood victims, and is fired. The Giants celebrate a 'once-in-a-century' home run. Inspectors had just visited doomed Texas camp days before floods. Report an error