House panel advances credit card reforms bill

WASHINGTON (Reuters) - The U.S. House Financial Services Committee on Wednesday approved legislation aimed at reigning in credit card company practices that have surprised consumers with interest rate hikes and charges.

The bill, called the Credit Cardholders' Bill of Rights, would give companies at least one year to make most changes. However a provision would require them to implement sooner a 45-day period to notify cardholders of higher rates when they are late on payments.

Rep. Carolyn Maloney, a New York Democrat and the chief sponsor of the bill, also introduced that provision.

(Reporting by John Poirier, editing by Gerald E. McCormick)