Another update from Springfield: State Treasurer Alexi Giannoulias' Credit Card Marketing Act (HB 2352) passed unanimously out of the Illinois Senate today. The bill is intended to rein in the multi-million dollar marketing agreements struck between credit card companies and universities. Should Gov. Quinn sign the bill into law, these companies would be barred from offering gifts (sandwiches, t-shirts, etc.) to students under the age of 21in exchange for filling out credit card applications (many of them with high-interest rates and never-ending fees). And universities will have to disclose if they've shared any personal information from school affiliates with the industry. Failure to comply with the new rules would amount to a $1,000 fine per incident.

In Washington, the U.S. Senate wasn't as productive. Although originally slated for a vote yesterday, the chamber's version of the Credit Card Bill of Rights won't hit the floor until Tuesday, according to Majority Leader Harry Reid. If a procedural measure is approved, we can expect a full vote by the end of the week.

The holdup can be attributed to a slew of amendments, including a successful and unrelated measure to allow loaded firearms in national parks. Also crucial is Sen. Dick Durbin's interchange fee amendment, which would enable discounts for consumers that use debit cards to make purchases, rather than credit cards. According to the Wall Street Journal, "heavy pressure" from credit card companies could force lawmakers to shelve the measure or risk sinking the entire package.

The Peoria Journal-Star also penned an editorial today calling on Congress to "rein in America's loan sharks." We will see if Durbin and company are able to next week.