Quote – Edward L. Yingling, the chief executive of the American Bankers Association, Washington Post.

This bill fundamentally changes the entire business model of credit cards by restricting the ability to price credit for risk. It is a fundamental rule of lending that an increase in risk means that less credit will be available and that the credit that is available will often have a higher interest rate.

Edward L. Yingling, the chief executive of the American Bankers Association, warns that lending will become riskier, and that reform will mean less available credit and higher interest rates. From The Washington Post, “Credit Card Restrictions Close to Enactment”, by Nancy Trejos

Wednesday, May 20, 2009
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