Senator Says Bank and Consumers Will Benefit From More Transparency
Nov 20 2007
Sen. Tom Carper (D-Del.), a member of the Senate Banking Committee, today issued the following statement after JP Morgan Chase announced plans to adopt more clear pricing practices for its credit card holders. Noting Chase has a strong business presence in his home state of Delaware, Sen. Carper said:
“Improved pricing practices and transparency are a win-win policy, for both JP Morgan Chase and for its many credit card holders.
As we enter the holiday buying season, I commend Chase for no longer increasing interest rates for cardholders when their credit scores go down, a practice that can be unfair to some consumers.
Chase sets a positive example for others who issue credit cards, and helps bring an end to this kind of ‘gotcha repricing’ of consumer credit cards.
This announcement today heralds a business opportunity for Chase to increase consumer protection while also strengthening its marketing position.”