Update: Rep. Hensarling is claiming that Chair Maloney's bill outlaws certain cards. She of course disagrees with this reading of the bill... Rep. Ellison is exploring the problem of frustrating computerized voicemail jails that make it hard to speak to a person who might help them... Rep. Bachus is hearing from a consumer victim witness about how Cap One deflates your credit score by reporting your credit limit, only your balance, making it appear as if you are maxed out to the not-so-much rocket science as they pretend it is at FICO's credit scoring computer.

Lead witness Senator Carl Levin's (D-MI) testimony has set a powerful tone for the day (a few excerpts): "credit card abuses faced by our middle class families add insult to injury ...charging interest on penalty fees is wrong...contracts are totally incomprehensible...if this problem is going to be resolved it is going to be resolved here in Congress...The fed is looking at disclosures, it's (looking is) endless." On to the consumer panel. (First-ever blog from the "crackberry" thumbtyping PDA.) The hearing link is two blog entries back. You should be able to watch. http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr041708.shtml