Another submission for “Gee, nobody could’ve predicted that!” Dumbass Award appears: credit card banks not only spent millions on high-priced lobbyists to lessen the reach and impact of the Credit Card Accountability Responsibility and Disclosure Act, they paid darn good money to find out how to get around the new law. In news that should surprise absolutely nobody, they found a giant loophole that they’ve already begun to try to exploit.
In a nutshell, they’re marketing what they call “professional” cards to people and small businesses. These cards are not subject to the new provisions in the recently passed law that was designed to put consumers on a more fair playing field. Credit card companies, in a bid to maximize profits, instituted fees taxes on users in every way imaginable. Many of their practices have become predatory and are based on immoral worldviews.
Democrats were in charge of both chambers of Congress and the White House when this bill was passed and signed. They were responsible for taking care of consumers. Too many of those Democrats are really CorporateDems, doing the bidding of whatever their corporate masters want, no matter how egregious or absurd. Too few Democrats fought hard for consumers in an effort to gain concessions from the CorporateDems. As with other major bills, far too many concessions were made by those pro-consumer Dems. Now, once again, it is those consumers who will be forced to literally pay for that sad state of affairs.