WASHINGTON (CNNMoney.com) -- Ramping up his campaign to crack down on credit cards, President Obama will meet Thursday with executives of 14 leading companies to press his case for new consumer protections.The White House meeting comes a day after credit card legislation opposed by the financial services industry moved forward on Capitol Hill. The House Financial Services Committee voted 48-19 to approve a bill to clamp down on rates and fees; nine Republicans joined the panel's Democrats in voting for it.
The House bill would, among other things, ban "arbitrary" interest rate increases, prohibit excessive fees and order more disclosure. It could go to the full House for a vote as soon as next week.
But the Obama administration signaled it plans to push for further changes.
"We are ... working with Congress on legislation that will promote simplicity, require transparency, demand fairness, and ensure accountability - so that we can strengthen consumer protections against abusive and deceptive practices," Obama adviser Valerie Jarrett said in a statement Wednesday.
Obama advocated for a credit card holder bill of rights during last year's presidential campaign. But the administration had lately been mostly silent on the congressional proposals until last Sunday, when Obama economic adviser Larry Summers spoke publicly about the administration getting tough on credit card companies.
The House bill - and a similar one in the Senate - is a cornerstone of efforts by consumer groups and mostly congressional Democrats to rewrite rules governing lending practices by card companies, banks and others. The House bill, championed by Rep. Carolyn Maloney, D-N.Y., is similar to one passed by the House last year.
"This bill cracks down on some of the most outrageous abuses," Maloney said Wednesday. "My bill levels the playing field so consumers have more control over their credit."
In the Senate, which did not advance credit card proposals last year, a committee has passed a version of the House bill, with one Democrat voting against it.
The House bill mirrors tougher rules that the Federal Reserve passed last December but that don't go into effect until July 2010.
The Fed changes would stop higher interest rates from being imposed when consumers are late paying unrelated bills. The changes also stop companies from averaging finance charges from two previous cycles, a practice that dings consumers who carry a balance and pay it off.
Several House Republicans said the pending Fed rule changes make congressional action unnecessary.
But Rep. Barney Frank, chairman of the House Financial Services panel, disagreed.
"What the Federal Reserve giveth, the Federal Reserve can taketh away," he said. Frank pointed out that the Fed could later undo the rules if Congress doesn't pass a law.
Meanwhile, industry lobbyists are fighting both the House and Senate bills for many reasons. But they especially don't like how the proposals would prevent card issuers from raising interest rates and fees based on risky behavior.
