House passes credit card bill WASHINGTON — The House voted Wednesday to immediately impose tough new rules for credit card companies after voters complained of increased interest rates and steep new fees. The bill, approved 331-92, would accelerate the enactment date of legislation passed this spring that limits when and how banks can charge borrowers. But a vote in the Senate was considered highly unlikely because of lingering concerns by many senators that the bill could restrict credit when Americans need it most.
JPMorgan pays settlement WASHINGTON — JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators’ charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala. The Securities and Exchange Commission on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March.
Chrysler plans car overhaul AUBURN HILLS, Mich. — Chrysler plans to overhaul its cars with technology from its new Italian partner, Fiat SpA, and says it has the cash to pay for it, helped by the U.S. government and lower costs. CEO Sergio Marchionne, who also runs Fiat, began unveiling Chrysler’s new five-year business plan Wednesday. The plan includes new vehicles for the Chrysler, Jeep, Dodge and Ram brands. He said the troubled company’s cash has grown by nearly $2 billion since it exited bankruptcy protection in June, and its operations broke even in September because of savings from job cuts and factory closings.
37° 