This May, Sen. Carl Levin (D-MI) introduced the Stop Unfair Practices in Credit Cards Act (S.1395), pro-consumer legislation that could significantly impact the credit card industry, and which will possibly have a ripple-effect impact on the securitization of credit card receivables. Sen. Levin introduced the legislation after an investigation by the Permanent Subcommittee on Investigations, which he chairs, into the billing practices of the credit card industry.

Sen. Claire McCaskill (D-MO) was an original co-sponsor of the bill, and it has since garnered three additional co-sponsors: Sen. Patrick Leahy (D-VT) on May 21, Sen. Richard Durbin (D-IL) on June 4, and Sen. Jeff Bingaman (D-NM) on June 27. Upon introduction on May 15, the bill was referred to the Senate Committee on Banking, Housing and Urban Affairs, where it remains as of Aug. 1 awaiting review.

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