CU had been fighting hard to push up the effective date of the Credit CARD Act with a bill dubbed the Credit Card Freeze Bill. The bill would have immediately frozen increases in interest rates on credit card balances, as well as hikes in fees and finance charges. The bill needed a unanimous consent in order to pass out of the Senate, but Republican Sen. Thad Cochran, R-Mississippi, put the kibosh on it when he said:
“On behalf of several Senators on this side of the aisle, I object,”
From the HuffPo coverage:
"We worked long and hard to enact the safeguards included in the Credit CARD Act," said Sen. Chris Dodd, D-Conn., who was an original sponsor of the CARD Act. "And no sooner had it been signed into law, but credit card companies were looking for ways to get around the protections this Congress and the American people demanded. This bill would end those abuses and further protect customers today."
The Senate schedule is packed with nominations, health care and appropriations bills, leaving no time for a prolonged floor fight over credit cards.
The only way Democrats could pass the bill in time for the holidays would be with the support of the GOP -- all but five of which voted for it initially.
Watch Dodd give a pretty great speech on how credit card companies are going after consumers. Then Cochran files his objection to the bill at 7:49 of the video.