If it becomes law, the bill won’t take effect for a year, except for a requirement that customers get 45 days’ notice before their interest rates are increased. That would take effect in 90 days. Among other things, the credit card bill seeks to ban what’s known as “double-cycle billing” as well as retroactive rate hikes. The measure would also require credit card firms to give consumers a 45-day warning before they raise interest rates.

President Obama has indicated that he will be signing the credit card bill.