Ahead of the Bell: Credit cards |
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Thu, 25 Jan 2007 12:47
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WASHINGTON (AFX) - The U.S. Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing Thursday on the inner workings of the credit card industry.The hearing, the first such consumer-focused meeting of the new Democratic Congress, will examine the billing, marketing and disclosure practices of the credit card industry, and their impact on consumers.Executives from Capital One Financial Corp., JP Morgan Chase & Co. and other firms are scheduled to testify.The committee is chaired by Sen. Christopher Dodd, D-Conn.; Sen. Richard Shelby, R-Ala., is the ranking member.Speaking earlier this month at the 10th Annual Rainbow Push/Wall Street Project Economic Summit in New York, Dodd said he plans to crack down on fees charged by credit card companies and shine light on lenders who target members of the military.Shares of Capital One closed Wednesday at $80.24, while JP Morgan ended at $50.36, having touched a new 52-week high of $50.40 earlier in the NYSE session.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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