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The Washington Post reports this morning that “President Obama will meet directly with credit card executives this week and plans to tell them to support strict measures that curb lending abuses or face the wrath of angry consumers and a determined Congress, according to banking industry officials.

“The heads of the credit card divisions at 14 major banks are set to meet with the president and his top economic officials at the White House on Thursday, administration aides confirmed yesterday. They are bracing for a warning that the president will join the chorus of condemnation if they resist efforts to protect their credit card customers from unfair practices.”

The Post says that a new bill to be introduced this week by Sen. Christopher Dodd (D-Connecticut) “includes capping over-limit fees at one per billing period, allowing no interest charges on fees and no fees to make a payment. The legislation also would prevent companies from raising interest rates at any time for any reason and limit aggressive marketing by card issuers aimed at borrowers under 21.”

KC's View:
Considering how much time and effort has been put into fighting the credit card companies, I assume that organizations like the Food Marketing Institute (FMI) will be supporting Obama on this issue.