It has been disclosed that top executives of 14 largest American credit card companies will be participating at the meeting with the senior administration officials in the White House, in order to discuss matters concerning their efforts on increasing transparency and helping the economy. 

It should be reminded that there were different actions being taken by the credit card companies lately, such as arbitrarily raising interest rates by Capital One, Bank of America and Citi; charging excessive fees and giving customers little time between billing them and requiring payment. As a result the Federal Reserve approved new rules to ban such practices. Nonetheless, consumer groups and several members of Congress are not satisfied as those rules don’t take effect until July 1, 2010. 

Betty Riess, a spokeswoman for Bank of America, said most of their customers whose rates were increased had changes in their risk profile. And the rate of those who previously had the rate of less than 10 percent were told they would increase in June as a result "current economic conditions," as Riess explained. 

Consumer advocates and congressional leaders stated they were pleased by the announcement on Obama administration meeting with the card issuers.