Good news out of Washington this afternoon: After banking leaders of both parties struck a tentative deal over the weekend, the Senate overwhelmingly passed the so-called Credit Card Bill of Rights legislation today. The Tribune has the details:

The bill, which was approved by [a] 90-5 vote, slaps the industry with an unprecedented set of restrictions, and would, among other things, rein in interest rate increases, require advance notice of rate increases, prevent high "over limit" fees, and prohibit lenders from raising rates when a cardholder is late on a separate debt -- a practice known as "universal default."

As the Trib explains, the Senate bill contains many of the rule changes set to take effect when the Federal Reserve updates its protections in July 2010. That, in part, explains why so many Republicans signed on. But in a victory for consumers, the upper chamber actually improved on the bill that passed out of the House in late April. The Senate version allows interest rate hikes only if the borrowers' payment was past due 60 days, not 30 days as the House approved. And credit card companies would have to implement all of the changes nine months after the bill is signed into law, providing consumers three more months of protection than the House allowed. (The New York Times' Ron Lieber lays out exactly what will change because of the new legislation and how the two versions differ.)

Travis Plunkett, legislative director for the Consumer Federation of America, is thrilled:

"This is landmark legislation that is going to make the credit card marketplace more transparent and more fair for millions of consumers. ... In particular, it's going to prevent credit card companies from suddenly and unjustly increasing interest rates which is pushing many consumers with credit card debt into bankruptcy."

Lawmakers will now reconcile differences between both bills and deliver a final draft to the president by Memorial Day.