0 s . ▁Cred it ▁card ▁companies ▁included ▁universal ▁default ▁language ▁in ▁their ▁card holder ▁agre ements ▁at ▁that ▁time , ▁due ▁to ▁increasing ▁der eg ulation ▁of ▁the ▁industry . ▁Today , ▁approximately ▁half ▁of ▁the ▁banks ▁that ▁issue ▁credit ▁cards ▁have ▁universal ▁default ▁language . ▁However , ▁since ▁the ▁in ception ▁of ▁these ▁prov isions , ▁most ▁credit ▁card ▁companies ▁have ▁not ▁enfor ced ▁them ▁regularly ▁or ▁system atically . ▁ ▁Every ▁year ▁since ▁at ▁least ▁ 2 0 0 3 , ▁Congress ▁has ▁considered ▁several ▁b ills ▁to ▁cur b ▁ab us ive ▁credit ▁card ▁practices , ▁including ▁universal ▁default ▁prov isions . ▁In ▁the ▁meant ime , ▁the ▁Office ▁of ▁the ▁Com pt roller ▁of ▁the ▁C urrency ▁issued ▁a ▁stern ▁advis ory ▁letter ▁to ▁the ▁credit ▁card ▁industry ▁regarding ▁several ▁of ▁the ▁most ▁e greg ious ▁practices . ▁Most ▁credit ▁card ▁companies ▁have ▁not ▁respond ed ▁to ▁the ▁letter . ▁ ▁In ▁ 2 0 0 7 , ▁Cit ib ank ▁became ▁the ▁first ▁bank ▁to ▁volunt arily ▁eliminate ▁its ▁universal ▁default ▁provision . ▁ ▁In ▁ 2 0 0 9 , ▁most ▁forms ▁of ▁the ▁practice ▁were ▁out la wed ▁in ▁the ▁United ▁States . ▁ ▁Background ▁Under ▁the ▁theory ▁and ▁practice ▁of ▁risk - based ▁pr icing , ▁the ▁interest ▁rate ▁of ▁the ▁loan ▁should ▁reflect ▁the ▁risk ▁of ▁the ▁bor ro wer ▁to ▁avoid ▁subs id izing ▁those ▁who ▁default ▁at ▁the ▁exp ense ▁of ▁those ▁who ▁always ▁pay ▁on ▁time ▁( or ▁altern atively