The U.S. Congress on Wednesday approved legislation making it more difficult for credit-card companies to increase interest rates and raise fees. President Barack Obama will sign the bill on Friday, the White House said. The measure's approval ends a years-long effort by consumer groups and Democrats to limit what they say are abusive practices that hurt consumers. The approval came despite strong objections by banking industry advocates who say it could result in tightened credit to consumers. The House of Representatives voted 361 to 64 in favor of the credit-card legislation. The Senate passed the bill by a 90 to 5 vote on Tuesday. The legislation makes it more difficult for people under age 21 to obtain credit cards. It also bans interest-rate increases unless a consumer is more than 60 days late in paying—and then restores the previous rate after six months if minimum payments are made.
