Dissension on the Democratic Ticket Over Credit Cards?

With Barack Obama naming long-serving Delaware Senator Joe Biden as his #2 this past weekend, the mainstream media has been poring over Biden’s record and past, publicly vetting the VP nominee in print and on screen.

From a political standpoint, at first blush Biden seems to align quite nicely with Obama on most every issue, and even offering strength where Obama is seen most weak.

But there has been much made of Biden’s apparent allegiance to the credit card banking industry early this week (“Democratic VP Nominee Long Viewed as Ally of Credit Card Banks,” Aug. 26). Biden, once famously called “The Senator from MBNA,” does not exactly toe the Democratic party line when it comes to credit card and financial services regulation.

So what does this mean for the credit and collections industry? Anything?

Biden was a strong supporter of the Bankruptcy Reform Act in 2005, a bill that the accounts receivable management and banking industry also supported. But so far, he has been mute on credit card reform offered up by his Congressional colleagues and the Fed.

The real question for the industry would be: Will an Obama ticket with Biden be seen as acceptable to the financial services industry, and by extension, the ARM industry?