WASHINGTON — Riding a crest of populist anger, the House on Thursday approved a bill to restrict credit card practices such as sudden increases in interest rates and late fees that have entangled millions of consumers.
The legislation passed 357 to 70 after lobbying by President Obama and members of his administration. It would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone younger than 18.
If enacted into law, the measure wouldn't take effect for a year, except for a requirement that customers get 45 days' notice before their interest rates are increased. That would take effect 90 days after the bill is signed into law.
Similar legislation is before the Senate, where its prospects appear promising.
"A big vote in the House will create an even bigger momentum as it goes to the Senate," House Speaker Nancy Pelosi (D-San Francisco) said.